Growth Predicted in Construction Industry

//Growth Predicted in Construction Industry

Growth Predicted in Construction Industry

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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By | 2020-06-15T12:04:39-04:00 June 18th, 2020|Construction Blog|

About the Author:

The Birmingham Group has been serving the construction industry since 1967. Brian Binke took over the firm in 1995 and since that time, he has personally placed over 1200 construction managers and senior leaders, with company revenues ranging from $10 million dollars to the largest ENR 400 companies in the industry. Brian is an industry innovator, with a specialized skillset in construction. His keen understanding of business, the construction industry, and ability to effectively match and recruit top leaders has led to many accolades. He was ranked the #1 International Billing Owner in the construction industry for his own personal production and has been consistently recognized as one of the Top 10 International Billing Owners out of 800 owners worldwide. This includes owners across every industry. In 2013, Brian was awarded the #1 International Billing Owner within the entire network. For over two decades, Brian has been considered one of the most influential thought leaders in the construction industry. His business and construction knowledge are used as a resource for some of the nation’s most prominent publications. In the past year alone, Brian has been quoted in or authored articles for The Wall Street Journal, CBS News, MoneyWatch, Construction Today, ConstructionDive, United Rentals, Fast Company, Entrepreneur Magazine, American Express, Builder Magazine, and Human Resource Executive, among others. "I believe companies are a lot like sports teams. The team with the best players usually wins. It is my passion to deliver the absolute best talent to my client companies – the market’s top performers, the talent that every company wants to hire but which seldom seems available. To put it simply, I thrive on helping my clients build their Dream Team." - Brian Binke, The Birmingham Group
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