Construction Biz Looking Forward to '14 (Mostly)
The 2014 bullishness extends to Seattle’s construction business, Mortenson Construction VP Jim Yowan tells us. The private market will be led by corporations that resisted capital expenditures during the recession, while the public market is seeing increased revenues from tax collections and so is allocating more money for capital projects. (Post recession, people are taking money out of mattresses... and buying new mattresses that don't have money holes in them.)
But it won’t be perfectly smooth sailing for Seattle construction companies, Jim says. “During the recession, a large number of craftspeople left the construction industry due to lack of work, which will translate to labor shortages this year,” he explains. Also, lenders are still hesitant without tenants in hand. “Despite these challenges, we’re very bullish on the construction market for the next several years." Photo: Paul Keleher.
