Michael Snedeker serves as the executive vice president of Elite Building Corp. An experienced commercial real estate developer in the Boston metro area, Michael Snedeker stays abreast of industry trends.
Commercial real estate developers received good news in a recent report from the Equipment Leasing and Finance Foundation (ELFF). In the near term, both commercial construction markets and residential markets are projected to grow. Following record industry spending in 2017, ELFF expects a 5 percent growth rate throughout the industry in 2018.
The projected growth rate is based partly on confidence among contractors about their potential to increase revenue in the short term, as well as an expected drop in contractor loan defaults and increased profits from equipment sales and rentals. One challenge the construction market faces is a shortage of labor: skilled construction workers are currently in high demand.