As we’re more than halfway through 2020, we’ve seen some major shifts in how the construction industry is operating. From early year industry predictions and trends, to job market shifts and impacts of COVID-19, we’ve compiled a list of 15 articles that highlight the current state of the construction industry and future projections.
Highlighting insight from over 30 industry professionals, this article helps paint a picture of the top industry trends that were predicted at the start of the year. This covers topics like the rise in technology, how to handle skilled labor shortages and the transformation of business models. If you’re looking for some insight into the current and future forecast of the construction industry, give this article a read.
While keeping on the topic of industry trends, this article from BigRentz lays out some interesting trends to adopt that can help you stay competitive in the industry. While the buzz around increased material costs and labor issues has been a topic of discussion for quite some time, some unique trends like drones in construction, augmented reality and green construction are also highlighted. If you want to get a leg up on your competition and stay up to date with innovative and sustainable trends, this is a must read.
If you’re looking for a raw and factual article, this one’s for you. Contrary to the first two, this one includes construction predictions straight from economists. They highlighted the realistic forecast of the industry, including the good and the bad. When looking at the current state of the economy, this is an interesting read to compare the forecast to today.
Deloitte provides a mid-year outlook on industry trends and how engineering and construction companies can adapt to the new obstacles brought by the pandemic. As many of us try to navigate this new normal, their outlook provides helpful insight on how the industry can get there.
With construction being a male-dominated industry, this post highlighting the rise of women in construction is refreshing. It provides key statistics that support the underrepresentation of women, and outlines how breaking gender biases by hiring more women in construction can help solve the industry’s labor shortage. Not only is this piece insightful, but it also includes an awesome visual, making it even more enticing to read.
After reading all of the industry predictions from the start of the year and then seeing how COVID-19 has impacted the construction community, this read gives us a glimmer of hope by showing us the important role construction can have in rebuilding our economy post-pandemic. The industry has been forced to adapt to this new normal and this article provides seven steps companies can take to come out stronger after the crisis is over.
Wood for skyscrapers in 2020? Who would’ve thought? National Geographic not only highlights the gained interest in wood for constructing high rises, but they also help us understand that the need for these materials relies on a controlled growth in trees. An interesting topic to explore and gather insight on what this implementation needs to look like in order for it to move forward.
As with many industries, construction has been hit by the affects of COVID-19, impacting it’s current employment rates. In April, unemployment rates tripled from the start of the year. But, with an ease in restrictions and implementation of health and safety protocols, we may start to see an uptick in employment rates. U.S. News covers all of the facts you need to know in this insightful piece.
9. Top 5 Ongoing Mega Projects in USA in 2020 – Construction Review Online
Some major construction projects that have been in the works over the last year may be nearing completion soon. This is a glimpse into the groundbreaking projects this industry can tackle. From renovations and reconstruction, to new project scopes, this article highlights five huge projects to keep an eye on this year.
10. Construction Technology: Long-term Benefits with Short-term Investment – Constructor Magazine
Construction technology has been a hot topic in the industry. While some companies are hesitant due to increased risk, one of the nation’s leading construction firms, Brasfield & Gorrie, has adopted new technologies that have helped increase productivity, as highlighted in this article.
Inaccurate cost measurements can pose great risk during construction projects, and in this post, we learn the importance of risk-adjusted cost estimates. The industry has begun to integrate tools and technology that help provide accurate cost projections that will ensure project success moving forward.
Construction costs in July saw a slight decrease, which has been unheard of over the past decade. With pandemic-related issues being a contributing factor, some construction materials have also seen a slight decline in price, playing a part in the overall decrease of construction costs. As highlighted in this piece, bidding on construction projects is in high demand due to the uncertainty of future projects, which in turn has a direct impact on construction prices.
Compared to other economic sectors, the construction industry is predicted to have a strong comeback post-pandemic. While we weren’t prepared for this sudden change, the industry took charge to ensure they move forward with projects in a safe and healthy way. So how will this look through the rest of the year? Read on to find out.
Could smart construction be the answer to home-building? Since the start of the pandemic, the construction industry has started to adopt digital technologies that can standardize the planning, design and construction processes. The coronavirus pandemic has forced us to rethink the way we build homes and offices, and using this technology may actually create a reliable and more sustainable way of doing so.
We’ve heard so much talk about how digital assets are transforming the industry. Construction robots have come into play to combat the labor shortage and effects of the pandemic. From industrial robots, to drones and self-driving vehicles, these robots can help take the industry to the next level.
The Future of the Construction Industry
The industry has seen great change over the past year. While we may not have a certain projection of what the future will look like, there’s no better industry to adapt to these sudden changes than the construction sector. The rise in technological resources seems to be the biggest trend in terms of future projection. As always, the industry will continue to adapt and invent new ways of performing and doing business.