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Construction Industry Trends for 2020: Part II
In our last blog post, we highlighted some of the big-picture developments that are shaping construction and remodeling at the dawn of a new decade.
This time, we take a closer look at the design trends influencing both residential and commercial projects.
Home improvement and repair spending is expected to exceed $330 billion in 2020. That’s a 1.5% increase, according to the Joint Center for Housing Studies at Harvard University. Trends driving demand include low mortgage rates, young adults entering their peak buying years and older folks looking to downsize or age in place.
As for commercial remodeling, the global market is projected to reach $2 trillion in value by 2024. Key objectives for building renovations include reducing fixed costs, increasing energy efficiency and creating an appealing work environment for attracting — and retaining — a qualified workforce.
Home Remodeling & Construction
Based on national averages, home improvements with the highest return on investment include manufactured stone veneer, garage door replacement and midrange minor kitchen remodels. Other buyer-friendly updates include neutral paint colors, refinished wood floors and modern light fixtures.
Here are some other features showing up on wish lists for new builds and remodels:
- Smart home technology: Digital innovations include smart speakers and appliances that learn individual preferences. Other sought-after improvements include voice-operated switches and automated plumbing, lighting and electrical systems.
- Energy efficiency: Technologies and building materials that save on utility bills and reduce emissions are a big priority. Good options include programmable thermostats, high quality windows and proper insulation.
- Weatherproofing: Quality materials and advanced construction methods offer protection against floods, high winds and other natural hazards.
- Kitchens: Popular amenities include bigger pantries, islands and prep sinks. Many people are also replacing granite countertops with quartz, which is easier to clean and comes in a wider variety of colors.
- Bathrooms: Technology has found its way to the bathroom in the form of smart showers, automatic temperature controls and heated floors. Other amenities for creating a spa-like environment include shower seating, freestanding tubs and self-cleaning toilets.
Commercial Construction & Remodeling
Many companies are investing in building and remodeling to control costs, boost the customer experience and even help with talent acquisition. In today’s tight labor market, an appealing physical workspace helps to attract and keep qualified employees.
- Flexible workspaces mean employees are less tethered to their desks.
- While open offices remain popular, “quiet zones” accommodate small meetings, independent work sessions and private phone calls.
- Tech-friendly layouts make it easier to install and service IT infrastructure to facilitate videoconferencing and team huddles.
- Businesses also recognize the value of attractive, up-to-date restrooms for making a positive impression on employees and customers alike.
Just like residential homeowners, companies of all sizes can cut down on energy costs with eco-friendly design elements. Greener facilities also boost morale and productivity.
- LED lighting
- Energy efficient HVAC systems
- Water-saving plumbing features
- Windows that let in natural light
For brick-and-mortar retailers, customer-centric design creates a memorable shopping experience in response to competition from online stores.
- Interactive displays make it easy to find the right merchandise quickly.
- In-store lighting sets the tone for the entire store atmosphere, encouraging shoppers to stay longer. Spotlights draw attention to featured merchandise, while backlights give items a subtle glow for an upscale appearance.
- New flooring and paint colors are among other ways to update the store environment.
Finally, empty retail spaces can be reinvented for new uses when stores do close.
As building and remodeling preferences continue to evolve, quality materials and tools are more important than ever. At Mid-City Lumber, our experienced professionals are here to make sure you have everything you need to make your project a success. Contact us today!