Author: Laura Black
One area of construction that is critical to project success is scheduling and project management. As we are on a journey to identify predictions for 2024 and beyond, let’s spend some time at the jobsite to identify some of the biggest trends to recognize what is to come next for the project team. Here’s the reality. We all know technology can help make project sites more efficient and create greater opportunities for all, but is technology being used to the fullest? Unfortunately, the answer is often no, and we have multiple reports that point to this trend. Consider the first…
We know the labor shortage is a challenge for many industries, including construction. Perhaps the question we should begin asking is what are the reasons for staying and what are the reasons for leaving. At the end of the day, we need to identify how to best retain talent, and there are a few new predictions that point to big trends. Perhaps one of the best places to start is with pay. The 2023 ASCE (American Society of Civil Engineers) Civil Engineering Salary Report cites an average annual salary of $128,000. Base salaries have risen by approximately 7% from 2022…
How will the residential remodeling markets fair in 2024 and beyond? That is the question many in the residential construction community might be considering, and the recent LIRA (Leading Indicator of Remodeling Activity) points to what is to come specifically for the remodeling market in 2024. Released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, the LIRA provides an outlook of the national home improvement and repair spending to owner-occupied homes. It is designed to project the annual rate of change in spending for the current quarter and the subsequent four quarters. Additionally,…
In our current blog series, we are looking at predictions for 2024 and beyond, identifying what technologies will be hot—like generative AI (artificial intelligence)—and what technologies will not. Today, let’s look at the top 10 strategic predictions from one analyst firm. Every year, Gartner analysts present the top 10 strategic predictions. This is perhaps one of my favorite crystal balls to look into each year because the predictions are, well, grand, and while some of them stick and some of them do not, it does give an interesting picture of what the future will hold. Let’s take a look at…
We are currently in the middle of a blog series where we are looking at predictions for 2024 and beyond. We have already looked at the general construction market, the risks that exist, the worker shortage, and one of the hottest technologies of the year: generative AI (artificial intelligence). Today, let’s turn our attention to a technology that is not quite as popular, but still offers quite a bit of benefits: wearables. Let’s start by looking at the state of wearables today. In the second quarter of this year, wearables bounced back a bit, reversing two previous quarters of decline,…
In our current blog series, we are exploring predictions and trends to close out 2023 and head into 2024 strong. We have already looked at the general construction market, the risks that exist, and the worker shortage. Today, let’s build on that conversation and begin to look at predictions for technology in the years to come. Perhaps there is no better place to start than with generative AI (artificial intelligence). We know growth is rapid, with more than half of organizations either already piloting or in production mode with generative AI, having increased investment in this particular technology in the…
With the promise of AI (artificial intelligence) comes the promise of greater productivity—something the construction industry needs in spades amid the great labor shortage. In fact, recent FMI numbers suggest labor productivity is in fact a $20 billion opportunity. As we look to the future in our ongoing blog series, we must also recognize where the risks and the opportunities lie—and this is clearly a huge opportunity. Released in late September, the 2023 FMI Labor Study suggests contractors lost roughly $30 billion to $40 billion to labor inefficiencies in 2022. The organization says labor productivity is the central economic engine…
If we look to the past few years, we know a few things about the construction industry: labor is scarce, the supply chain is weak, cyber risk is real, and there is much economic uncertainty that leads to much risk for construction. If we look to the future, will the same be true? We are currently in the midst of a blog series looking at predictions for the construction industry. Today, let’s turn our attention to risk and its relationship to technology, and let’s see what the future holds. A new report from Dodge Construction Network shows data access will…
We all know there is a shortage of labor across many industries including construction. But what if the labor shortage isn’t the headline here? What if the real story is that there are workers, but they simply aren’t prepared for the task at hand? This is something we have indicated to here at Constructech for years, and now there is rather significant research to back it up. The nation isn’t preparing workers for construction careers—and it hasn’t been for decades—and it is ultimately hurting the nation’s economy. Since we are in the middle of a blog series looking at statistics…
This is my favorite time of the year. True, here in the states we are seeing the weather cool to a crisp and the leaves turn to orange, red, and brown, in some parts of the country, but there is another reason why I like to curl up at my office desk with the window cracked open. Predictions! It is the time of year where everyone is making grandiose predictions about what is to come in the next year—or the next five years. Analysts, associations, industry, and academia are all getting out their crystal balls to predict what next great…