The average value of a contract is about $100 million, according to figures from Deloitte, and the construction industry is a $1.3 trillion-a-year industry.
It’s a $400 million company, and it’s still growing.
The average cost of a new project is about a billion dollars, according a 2015 report from the National Association of Contractors.
“That’s a lot of money,” said David Pate, a partner at Pate & Co. and the former CEO of Deloise Construction Group.
He said his company makes a profit on every project.
He says that’s the norm.
“You have to have a very good reputation in the construction business,” he said.
“If you don’t, the business won’t go forward.”
The job market has been hard hit by the recession.
“There’s not much job growth, the unemployment rate is higher than it’s been in decades, so the demand for people to do construction is not there,” said Deloisse’s Pate.
But Pate thinks the industry is finally starting to pick up.
The construction industry employs about 11 million people, a figure that is growing faster than the overall economy, according the U.S. Bureau of Labor Statistics.
And Pate believes that’s partly because of the Affordable Care Act, which gives construction workers a $10.10 an hour raise, and tax credits to encourage companies to hire people from the workforce.
Pate is optimistic that will change soon, and he’s hoping that the industry will finally find itself back in the driver’s seat.
But he admits that there’s a downside.
“The fact is, when you get a project approved, you’ve got to put a lot more money in it,” Pate said.
He doesn’t know if he’s going to be able to pay off the loan.
But that doesn’t mean he won’t be spending it.
“I know I’ll be able afford to do the work,” Pates said.