For some companies, like those involved in tourism or construction, summer is the busy season. But there are other things besides paying attention to current projects that business owners can do to make the most out of the summer season.
With studies showing that 75% of contractors are experiencing labor shortages, the industry needs to attract more workers, and the Mechanical Contractors Association of America is trying to improve the somewhat negative image of construction work. The organization is offering recruitment techniques, apprenticeship programs and informational campaigns.
The boom in the building industry has caused prices for some materials to skyrocket -- and that's if you can even get them. The demand for steel studs in Oregon, for instance, has prompted delays of as long as six weeks, and the price hikes have caused havoc everywhere from steel mills to development firms that finance and plan construction projects.
Construction equipment producers will likely see overall revenue gains of 20% to 25% this year, despite an expected drop in sales by the end of the second quarter, analysts say. Companies serving defense contracts are seeing particularly strong growth despite the rise in costs of raw materials and labor and the industry's previously weak sales.