DIVERSITY IS KEY DURING A DOWNTURN
You’ve likely heard the buzz that the U.S. is on its way to a 1980’s-esque recession, partly due to decreasing housing market activity. According to a recent article from Forbes, confidence in the market for new homes is rapidly decreasing. “The NAHB called the ongoing collapse of confidence further evidence that rising interest rates, building material bottlenecks and still-elevated home prices continue to weaken the housing market.”
The outlook is certainly grim in the market for new-construction homes. This year will likely match recent historical lows for the number of housing starts. What does that mean for a company like Fiske Electric, who has built a portion of our business around partnering in new home build projects?
The answer is in, “a portion of our business.” If predictions are correct and the housing market continues this way, many contractors and home builders will have low demand added to their list of post-pandemic woes. But we have positioned ourselves well to withstand this type of downturn with the diverse services we offer.
As you may know, Fiske Electric offers services across a wide range of industries, including commercial, service, healthcare, industrial, and agriculture. Our residential division also includes work on multi-family homes, which are likely to become more and more popular as interest rates and inflation rise, and demand for single-family new builds falls.
Most of the sectors in which we work perform essential services for their customers. This means the demand for our reputable services will continue, even as business models change in response to a recession. Fiske Electric has been in business for more than 40 years – meaning that we had our origins during the recession in the 80s. Over the years, we’ve seen many ups and downs, and we’ve adapted and added services along the way to ensure a bright future for our employees, customers and family legacy.
We will continue to offer our design-bid and design-build project management services as they are needed, along with our vast portfolio of work that goes beyond new construction projects, including remodels, updates, service calls, financial and procurement management and estimating and reporting.
Learn more about our portfolio of services here.