In August 2005, Hurricane Katrina descended on the Gulf Coast of the United States, turning into the costliest storm to hit the country as damages reached $125 billion($160 billion when adjusted for inflation). For the restoration and reconstruction industry, this natural disaster highlighted the need for uniform, rigorous standards and efficient organization, as well as a consistentimplementation of proven best practices. At the same time, the rising frequency of extreme weather events along with aging infrastructure and homes are creating growth opportunities for the industry, which is also benefiting from the rapid pace of technological advancements, according to Skyline Builders Groupfounders Nick Coadyand Greg Coady.
Climate change has become one of humanity’s chief concerns because of the extreme weather phenomena associated with it. Hurricanes, droughts, ice storms, and heat wavesare not only happening more frequentlybut also striking with greaterintensity and causing massive damages. This trendhas led to a newappreciation for the restoration industry while also providing it with a stronggrowth driver. According to a 2017 survey by Cleanfax, approximately 74% of US restoration companies grew their revenues in the previous year, and 28% of them cited weather as the main reasonfor their improved business results. In addition to more frequent and severestorms, there is also a marked increase in the occurrence of wildfires (often as a result of extreme temperatures and droughts) and flooding, which further fuel demand for restoration services, Nick Coady and Greg Coady note.
While natural disasters lead to substantial investment in reconstruction and restoration, there are other factors generating business for companies like Skyline Builders Group. The latest American Housing Surveyby the United States Census Bureau shows the median year of construction for US homes to be 1977. In comments on the 2016 American Community Survey, which put the median age of owner-occupied US homes at 37, the National Association of Home Builders noted: “This aging housing stock signals a growing remodeling market, as old structures normally need to add new amenities, or repair/replace old components. Rising home prices also encourage homeownersto spend more on home improvement.” According to research group IBISWorld, the US home remodeling industry has grown by 6.4% annually over the past five years, with total revenues in 2018 forecast to reach $99 billion. Furthersupporting growth is the wide availability of new technologies, which make the work of restoration professionals more effective. Devices such as smartphones and tablets are providing mobility, while advanced software solutions streamline processes across the board, saving time and money. Aside from computer-related innovations, restoration service providers are benefiting from advancements in cleaning technology, imaging tools, and equipment such as dehumidifiers, air movers, and vacuums.
Founded in 2005, Skyline Builders Groupis a construction services provider with operations in diverse market segments. Its team of dedicated professionals aims to deliver the best solutions to customers, maintaining a reputation for excellence in construction, restoration, real estate development, and consulting. Focused on innovation and quick to embrace new technologies, the company has been recognized for its work on large, complex projects, and its impeccable credentials have secured it the leading role in some of the world’s highest-profile undertakings.Led by Nick Coadyand Greg Coady, Skyline Builders Group operates from headquarters in Brooklyn, NY.