In order to stay competitive and set your construction firm up for success, the following are five major construction trends to follow this year:
- Technology advancements—The construction industry is notoriously slow at adopting new technologies. However, firms may soon have no choice but to pivot their business practices, as 3D printing, cloud applications and drone usage will likely boom.
- Modular and prefabrication construction—In 2017, modular and prefabrication construction grew in popularity due to its cost effectiveness and efficiency. This trend will likely continue, especially when you consider that material prices aren’t expected to fall.
- An increased focus on safety—The construction industry is consistently ranked as one of the most dangerous. Following higher levels of scrutiny, expect a continued focus on crafting better safety procedures and utilizing more safety technology.
- Continued labour shortages—Labour shortages in the construction industry are nothing new and will likely continue to plague firms across the country. With a small pool of qualified candidates, firms may struggle to find enough skilled craft workers to meet growing demands.
- Sustainability—Over the last few years, firms may have noticed a greater emphasis on green products and construction practices. Sustainability will be important throughout 2018, and companies that fail to consider their environmental impact may lose out on new projects.
Organizations can’t always predict what factors will have the greatest impact on future business. However, with the above trends in mind, companies can avoid major risks and ensure they remain competitive.
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