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At the start of the 21st century, the construction industry hit an all-time peak. Architecture firms and construction companies were booking profitable residential, industrial, and commercial projects at a steady and sustainable rate. However, when the Mortgage Crisis and Great Recession of 2008 hit, the economy began to collapse, and the construction sector was one of the hardest hit. Due to a lack of financing options, all construction jobs were put on hiatus, and thousands of land development and construction companies went out of business. As a result, for about four to five years, construction jobs and approved projects were backlogged during the economic downturn, as the world was not ready or financed to start building again.
After 2012, as the country and the world began to recover, the dam holding the construction industry back for almost half a decade slowly began to flow again. As a result, the country saw one of the largest construction booms in American history, as the projects and properties sitting on hold from 2008-2012 were finally starting to be built. For construction companies, this period allowed them to sit back and enjoy almost a decade of guaranteed success. In fact, many construction companies were booked out for nearly 1-3 years out.
Because of this, there was no need for construction companies to market themselves heavily. For years, the sector thrived off backlogged jobs and subsequent massive economic growth fueled by low-interest rates. However, now that the economy is changing and the well of backlogged projects is beginning to dry, quarter by quarter, construction companies are realizing that those easy days are behind us now.
Additionally, in 2020-2021, during the Pandemic Boom, where construction remained essential, everyone was stuck in their homes with more time on their hands than ever before. Home improvement projects surged to new levels, condensing five years' worth of projects down to two. As a result, the demand for home construction and remodeling is going to stagnate significantly, forcing construction companies to compete against one another more competitively than they have in over a decade and a half. And, in the current post-COVID world, gone are the days of the low-interest rates of the 2010s.
While this might seem like bad news for our Architectural Photography Industry - it's not. It's actually great for us.
The good news for architectural photographers and filmmakers is that most of the construction marketing books shelved for a decade and a half are now entirely outdated, as the world is much different than in 2008. While the text in their presentations and proposals may remain the same, the demand for high-quality imagery to market their business has far outpaced their marketing and digital marketing capabilities, making our industry significantly more critical.
In order to survive in today's economy, construction companies will have to outdo their competitors. And when they cannot sacrifice price due to higher costs and tighter margins, they must turn to a new strategy – ensuring their portfolio assets are better than their competitors. And the best part is that you possess exactly what they need.
Today, we are staring at the ugly face of another economic crisis. With high-interest rates, record inflation, and increasing labor and material costs, construction companies are looking for ways to get ahead at lower costs. This may seem like an impossible task, but with the right creative solutions, it can be much more achievable.
Never before have we seen a time when the advancement of photography has perfectly intertwined with the unprecedented demand for high-quality assets in the construction industry. It has become the perfect formula for you to make the most of these challenging economic times. And now is the time to get ahead.
The construction industry is changing, and we urge you to change with it. Are you ready for this change? We're Shared Construction Content, and we're here to help you take advantage of these times.