When will it end? As we rounded the corner into 4Q 2020, COVID-19 reared its ugly head and roared with a vengeance. The devastation to families and businesses, including the construction industry, continues.
Pandemic and Construction Industry Trends
Many construction industry firms have provided support for area hospitals and organizations during this time. If your company is in a position to help your community, thank you. But more of us are suffering. “Most sites that are open have faced disrupted supply chains and operational restrictions,” says McKinsey. “A fast return to business as usual seems unlikely.”
Depending on economic and public health policies, we could be doing well next year. Or it could be 2023 before we are back on track.
Short-term construction industry trends are:
- Increased digitization – Working remotely has forced construction industry organizations to invest in shared software solutions. More information shared by more people is a good thing. Monitoring employee health and safety using apps is going to be necessary for quite some time.
- Materials reorganization – Building inventory to rebalance supply chain disruptions is necessary.
Long-term construction industry trends include:
- Increased digitization – Skilled labor shortages can be better managed with increased productivity. Invest in software apps for:
- 4D simulation
- Advanced schedule optimization
- Real-time progress tracking
- Workflow management
- Offsite construction – Building/assemblage offsite is faster and safer because environments are more controlled.
- Sustainability – Healthier living will be a key motivator behind government programs/incentives for the construction industry.
Building Permit Data for Better Business
Construction Monitor provides vital information for construction industry companies, but many others use building permit data as well:
- Investors – Opportunities for financial growth are all over the place right now. That means you have options for investment in many geographic areas and industries. Building permit data gives you the information you need to make choices.
- Marketing, software companies – The construction industry is experiencing change like never before. There’s potential for you to help them succeed with your products and services.
- Startups – Protecting your investment in tough economic times is a priority. Stay abreast of state and local infrastructure and housing developments before your competitors.
Contact Construction Monitor today. We’d like to give you a powerful tool for business success in 2021.