If a savvy software engineer is managing your construction business technology, that’s terrific. But it doesn’t mean you don’t need to know what’s going on. If you’re a construction manager, you want to be a part of many conversations. And Construction Dive says you need to acquaint yourself with today’s construction industry buzzwords.
Here are 4:
1. CHIPS Act
The CHIPS (Creating Helpful Incentives to Produce Semiconductors) and Science Act of 2022 is a $280 billion spending bill to promote microchip manufacturing in the U.S. (Eighty percent are manufactured overseas.) Hopes are the act will raise our country’s ranking in global technology, create jobs, reduce supply chain problems, and lower costs. Our industry will benefit from the act’s $39 billion targeting new construction of semiconductor manufacturing plants.
The act also prohibits funding for semiconductor development in China.
Digitization means “using technology;” putting information into a computer. For your construction business, this technology can include:
- 3D printing
- AI (artificial intelligence)
- AR (augmented reality)
- BIM (building information management)
- VDC (virtual design construction using BIM)
- …as well as administrative software
“Digital transformation,” is using technology to the extent that it impacts every facet of your business operations and company culture.
3. Diversified Workforce
The construction labor market and changing work/life priorities mean you may need to change your company culture. A diversified workforce includes people from varied backgrounds who can offer different experiences and who may have non-traditional ideals. Company diversity leads to more creativity and offers greater personal career fulfillment, which positively impacts recruiting and retention. Plus, studies prove more diverse companies outperform their less-diverse competitors.
Sustainability within the construction industry includes:
- Lowering energy consumption during construction and in finished products
- Reducing project-site waste
- Using recycled and recyclable materials
…and is phrased many ways:
- Construction using zero carbon emissions
- Environmentally friendly
- Going green
- Reducing your carbon footprint
Clients want LEED (Leadership in Environmental Design)-certified projects and contractors, and for good reason: LEED-certified multifamily projects yield 3.7% more in rental income and have a higher occupancy rate with less turnover.