Top 4 Trends Impacting the Future of the Construction Industry
The construction industry continues to power along through the COVID-19 pandemic. It has now risen to a staggering total revenue of $2.3 trillion by this year. The health of the industry despite recent struggles represents a positive look to the future for everyone involved.
It’s time now to look at the future of the construction industry, with four key trends set to spur change in the coming years. We’re outlining in detail these four areas, so you can expect changes to your business model today.
1. Technology is the Future of the Construction Industry
Technological innovation has changed almost all current business sectors to some degree. This includes all forms of retail, logistics and transportation. It’s no surprise to hear that the construction industry is no different.
The face of the construction industry’s ongoing technological revolution is slightly unique.
Perhaps the largest of these is the move towards mobile tech and cloud-based collaboration. These applications enable the large-scale sharing of data across projects, sites, and offices.
Cloud computing technology has proven to be the safest and easiest way to share information. This includes schedules, drafts, drawings, and more across an entire company. This is what’s known as cloud collaboration.
True cloud tech can help keep architects in touch with builders. This ensures a cohesive working environment for everyone involved in a project.
Also, other technology such as drones and 3D printing will look to further disrupt the industry in the future. Drones can provide a heightened level of safety checks and land surveyance. 3D printing can then provide accurately sized construction parts at a reduced cost on certain projects.
That’s not even mentioning other software solutions, such as tool-tracking software and BIM. As with all technology, we expect to see these aspects develop even further in the coming years.
2. Moving Towards Sustainability, With Some Regulation
Huge investments are being made towards building a more sustainable industry. This includes promoting sustainable building practices throughout US construction as a whole.
Perhaps the biggest example of this comes with the Build Back Better plan in response to the coronavirus. The $7trillion government investment will promote a sustainable construction industry for the future.
Sustainability comes hand in hand with industry-wide modernization. This modernization should then involve other trends on this list, including technology adoption.
Sustainability also means changes to new-build projects and renovation. Efforts are being made to ensure buildings are better for the environment and stick around for far longer.
The economic impact of sustainability should help ensure the construction industry remains healthy.
It is important to note that this push will be alongside heightened regulatory requirements. Building code revisions and other measures could see prices rise for construction in the future. These regulations must be monitored by all in the industry.
3. Workforce: Shortage and Mobile
The ongoing labor crisis in the construction industry shows no signs of ending quite yet. This shortage means fewer people working within the sector. It also means less of a pool of experienced individuals for companies to hire.
This shortage has begun to affect housing prices as well as the price of other construction projects. Companies within the industry must create their own future-proof talent in the hopes of preventing the impact of the crisis.
There is, however, a more positive trend in relation to the construction industry. This has been the increase in mobile workers. This goes hand-in-hand with the above developments in mobile technology.
But there are new solutions to the employment issue within construction. The industry’s mobile workforce will play a crucial role in fixing the ongoing crisis.
It will be interesting to see how far the mobile workforce aspect of construction will go as more mobile applications are developed. For now, the mobile worker population is expanding. This means companies need to adopt mobile practices as soon as possible to take advantage of the trend.
Also, companies must adopt new means of data transfer and workflows. This is the best way to incorporate a mobile workforce into a current business model. Digitization and workflow streamlining will continue to play a part in the future of the industry at large.
4. Health and Safety – COVID-19
The COVID-19 pandemic continues to impact the construction industry. This trend looks set to continue for a few more years, with economic impact and regulations.
At present, this means continued regulation of the number of employees on a site and PPE. Aspects of protection equipment are also adopting technology solutions today. This will likely continue as a trend in the future.
The pandemic has also demanded a certain degree of pre-construction practices. This has helped further streamline building projects. It should continue to reduce costs if implemented properly in the future.
At the moment, this cost reduction has been offset by the costs of other safety practices. But as vaccines rollout, we should see a way of ensuring safety as well as productivity.
Companies operating in the sector will be impacted by this trend more than perhaps any other in the short term. In the long term, it is unclear just how long the pandemic will affect the industry.
But measures should be taken to transfer problems into solutions for construction companies. This can thereby create a safer environment for workers and a more profitable workflow for companies and their projects.
Where Can I Find Out More About the Future of the Construction Industry?
Industries are always in flux; the future of the construction industry is no different. These four trends represent some of the main areas in which companies must be ready for the future.
But to ensure you’re as prepared as possible, you need to be utilizing appropriate construction software. Construction software will help ensure your company is at the cutting-edge of industry tech and construction trends. It can also help you prepare yourself for future trends in the industry.
To find out more on how you can future-proof your company, reach out to our experts today.