Operational restrictions, disrupted supply chains, and job losses are just a few of the obstacles that construction leadership will have to overcome due to the COVID-19 pandemic. Although something like this might be able to temporarily slow the industry down in certain regions, many experts are also predicting that the market should rebound quickly and come out even stronger than it was before. But it is not going to happen automatically, and you can tilt the odds of achieving future success in your favor by proactively reshaping your strategies going forward. Get prepared for a new normal that is more focused on keeping the workforce safe and healthy, adhering to new regulations, balancing client and supplier relationships while maintaining productivity and profitability. Here are some short and long-term growth trends to watch, along with some steps that you can take to avoid falling behind the competition.
Increased Digitization
Digital collaboration tools are quickly becoming essential as organizations continue to find ways to follow CDC guidelines that limit the number of people who can work on a jobsite. Building-information modeling, complete with 4-D and 5-D simulations, is becoming a popular process because it enables architects, engineers, contractors, etc. the chance to remotely plan, design and construct projects together. A growing number of firms are also investing in a variety of other digital tools including: wearables to closely monitor the well-being of employees and e-commerce systems to handle contracts, sales and ordering.
More Off-Site Construction
Industry experts are predicting that organizations will move more of their building operations to off-site environments that offer them more control over what their workforces are exposed to. In fact, the prefabricated volumetric sector is expected to grow by 14% between 2020 to 2024 to help meet ongoing housing and skilled labor shortages. Off-site construction offers many advantages including greater control of the environment, timeline, and other variables.
Demand For Sustainability
As sustainable construction trends continue to expand across the industry, there’s more talk of potential federal involvement through policy changes and direct public investments to encourage energy efficiency, carbon reduction, etc. In addition to using more sustainable materials, expect a growing demand to use green and solar power at construction sites.
Although the industry might be on unsteady ground for the time being with many new projects being stalled, construction leaders are steadily resolving the immediate issues and building resilience for the future. Growth in commercial construction is expected as firms rebound from the slow spring due to coronavirus shutdowns. Many of the strategies mentioned here will launch firms into the next phase of growth in 2020 and beyond.
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