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Commercial real estate development executive Michael Snedeker works for Elite Building Corp., a firm that serves the commercial construction needs of Waltham, Boston, and other cities in Massachusetts. As the company’s executive vice president, Michael Snedeker identifies potential development projects, particularly in commercial construction.
The commercial construction market continues growing. From total commercial construction spending of $218 billion in 2003, the amount rose to $463.4 billion in 2019. Based on the trajectory of this increase, the commercial construction sector will outpace the residential construction market in a few years.
Looking at United States macro-economics, with a GDP of over $21 trillion, the US economy remains the strongest economy in the world. The latest available data (as of 2017) indicates that the US has $37.4 trillion of the world’s assets under management. Experts believe the US economy will not change for many decades, putting every industry, including commercial construction, in a secure position.
