Raising the Roof on Niche Accounting for Construction Subcontractors
Miami heat is stoking the dreams of a Coral Gables-based CPA, Edgar Gomez, and it has little to do with South Florida’s subtropical climate (well maybe just a little). Like so many white-hot accounting niches, Edgar’s specialty in construction accounting began to heat up as a result of pandemic-driven lifestyle shifts.
To say that Covid created a hot housing market in South Florida would be a gross understatement. According to the U.S. Census, Florida’s population grew by 2.7 million residents between 2010-2020 with an estimated 329,717 new residents stampeding over Florida state lines to take shelter between April 2020 and April 2021. “People are coming here for all the reasons they have always migrated South,” says President of ONE Sotheby’s International Realty, Daniel de la Vega. “But this time around, the main differentiator is that people are not only coming for the lifestyle, they’re coming to live”.
Incidentally, the unprecedented population growth and ensuing housing demands laid the foundation for a seemingly perpetual pipeline of work for residential contractors. Multi-family and condo projects are booming, and there’s increasing demand for commercial space as businesses continue to follow mass migration trends and relocate to Florida.
Edgar Gomez saw the writing on the wall. As a former Corporate Controller for a window supplier, he had the insight and foresight to see a window of opportunity for his CPA practice. “I recognized subcontractors and small construction companies were extremely underserved, and began targeting these construction industry subsets,” says Gomez. “Home remodeling and specialty trade contractors represent a big portion of the residential construction market, and accounting and tax services for this niche are in high demand.”
Custom landing pages on Gomez’s subcontractor niche website specifically market to HVAC businesses, electricians, plumbers, and other specialty trade contractor businesses. “Unlike larger construction companies or general contractors, most subcontractors don't have the luxury of in-house financial support, and have a need for CPA services,” says Gomez. E. Gomez, CPA, LLC serves up a full house of accounting and tax services customized for the construction industry, including cloud accounting, QuickBooks support, outsourced CFO services, and tax planning.
No Cool-Down in Sight
What’s the future outlook for construction accounting and tax service needs in Florida? With little to no seasonality factors, analysts predict the construction boom will persevere as long as people, and companies, continue migrating to the Sunshine State. Other top U.S. construction hotspots include Texas, Georgia, Arizona and Nevada, to name a few.
Gomez estimates that the construction sector accounts for approximately 60% of his overall business, helping his firm grow nearly two-fold in two years. He expects business will continue to soar since his firm’s website consistently ranks on the first page of organic Google search results for top ranking keywords. His custom accounting niche website includes SEO for relevant keywords such as “construction accountant Miami”, and also features a custom lead-capture form constructed for screening prospective clients.
There's no telling when the construction boom in South Florida will end, but for the foreseeable future, the skyline's the limit!
Edgar Gomez is a Certified Public Accountant specializing in serving the construction industry. He is a member of the American Institute of Certified Public Accountants.
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