Around the “O” – Is Construction at an All-Time High?
If you’re like us, you might just be wondering if all this construction that’s going on is sustainable…and surely it must be at an all-time high!
Well, I’ve been doing some research to see what the scoop on the Omaha-area construction market is actually doing.
First, residential. There’s a huge housing market crunch right now, with the inventory of available houses at a 20-year low. As Omaha.com says, a lot of the demand is from millennials tired of high rents as well as some people being drawn to Omaha for employment. So this demand is also driving construction: permits issued to build new houses in the Omaha area are at the highest point since 2009. You can see why — with such limited inventory, buyers are sick of searching and more are deciding to build.
Then of course, we all know…Facebook is eyeing up property in Papillion to break ground for its ninth data center. Although it might not add a lot of jobs long term, it’ll definitely take some construction work to erect the four 610,000-square-foot buildings!
In addition to that in the industrial/commercial scene, we’ve already blogged about the indoor sports complex and a few other developments, but there’s more news. Despite Conagra leaving Omaha and vacating a substantial sized office building, the market didn’t see an increase in vacant office space on the whole. So let the construction continue!
According to a report by UNL, the construction sector is predicted to be the fastest-growing sector in Nebraska through 2018, with a possible 55,000 jobs being added state-wide in that time-frame. Are we surprised? Not really…trying to find workers right now is about as impossible as trying to find needle in a haystack! By the way, looking for a job? We’re hiring.
Lastly, the amount of infrastructure improvement in Omaha alone is ever-growing. For roads alone, a plan for 14 projects in the metro area totaling $133 million has been unveiled. On top of that (or should we say underneath?), there’s the ongoing CSO (Clean Solutions for Omaha) project involving a nearly $2 billion sewer maintenance and improvement.
So to conclude, construction may not be at an all-time high, but it’s definitely reaching a post-recession high. And no, it’s not slowing down anytime soon!
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