SIC 1522 General Contractors—Residential Buildings, Other Than Single-Family
SIC 1522
This industry consists of general contractors primarily engaged in the construction of residential buildings other than single family homes. This type of construction includes new work, additions, alterations, remodeling, and repair of such establishments as apartment buildings, dormitories, and hotels and motels.
233320
Commercial and Institutional Building Construction
233220
Multi-Family Housing Construction
Multifamily residential construction enjoyed strong sales and a promising market for new projects in the late 1990s as the U.S. economy maintained its voracious expansion. And even when the economy began to falter at the turn of the twenty-first century, multifamily residential construction continued to do well, despite the increase in home ownership spurred by low interest rates. Demand for multifamily housing was expected to increase by 1 percent annually until 2010.
After apartment construction had outpaced demand through the early and mid-1990s, resulting in increased vacancy rates, contractors were forced to scale back new starts and derive greater shares of revenue from remodeling and repairs, a market that was expected to maintain its strong growth for years to come. By the end of the decade, however, demand had resurfaced, leading to a resurgence of new building activity. This activity continued into the early 2000s. New apartment starts in 2003 increased by 2.8 percent to 316,000 units, although this paled in comparison to the record 1.49 million single-family housing starts, which reflected 10.3 percent growth that year.
Hotel construction, meanwhile, remained a notoriously volatile sector. In the early 1990s, construction spending had reeled from a recession, dropping 35 percent in 1991 and another 47 percent in 1992. By 1995 the sector had dusted itself off and regained its healthy position in the construction industry, reaching $6.4 billion. Total spending for hotel construction reached $17.0 billion in 1999, up from $14.9 billion in 1998, and was particularly strong in the luxury hotel market. Analysts familiar with gluts in this market sector, however, had expected that hotel building would cool, as did the U.S. economic expansion, and they proved correct. Along with the impact of the economic slowdown, the terrorist attacks of September 11 drastically reduced U.S. travel, and by 2003, hotel construction had reached its lowest point in industry history, a full 53 percent below its record high in the late 1990s. According to a Pricewaterhouse Coopers report, hotel occupancy rates will increase from 59.1 percent in 2002 to 61.6 percent in 2005 as the U.S. economy recovers.
Leading multifamily construction markets in 2004 were located mostly in the South or West: Dallas, Texas; Orlando, Florida; Houston, Texas; Atlanta, Georgia; and Seattle, Washington. Hotel construction, meanwhile, has been strongest in the Pacific and mid-Atlantic regions, while...
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- Construction Industries
- SIC 1521 General Contractors—Single-Family Houses
- SIC 1522 General Contractors—Residential Buildings, Other Than Single-Family
- SIC 1531 Operative Builders
- SIC 1541 General Contractors—Industrial Buildings and Warehouses
- SIC 1542 General Contractors—Nonresidential Buildings, Other Than Industrial Buildings and Warehouses
- SIC 1611 Highway and Street Construction
- SIC 1622 Bridge, Tunnel, and Elevated Highway Construction
- SIC 1623 Water, Sewer, and Utility Lines
- SIC 1629 Heavy Construction, Not Elsewhere Classified
- SIC 1711 Plumbing, Heating, and Air Conditioning
- SIC 1721 Painting and Paper Hanging
- SIC 1731 Electrical Work
- SIC 1741 Masonry, Stone Setting, and Other Stone Work
- SIC 1742 Plastering, Drywall, Acoustical, and Insulation
- SIC 1743 Terrazzo, Tile, Marble, and Mosaic Work
- SIC 1751 Carpentry Work
- SIC 1752 Floor Laying and Other Floor Work, Not Elsewhere Classified
- SIC 1761 Roofing, Siding, and Sheet Metal Work
- SIC 1771 Concrete Work
- SIC 1781 Water Well Drilling
- SIC 1791 Structural Steel Erection
- SIC 1793 Glass and Glazing Work
- SIC 1794 Excavation Work
- SIC 1795 Wrecking and Demolition Work
- SIC 1796 Installation or Erection of Building Equipment, Not Elsewhere Classified
- SIC 1799 Special Trade Contractors, Not Elsewhere Classified
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