Heading into 2020, experts are predicting increased uncertainty in the construction industry. What trends can you expect for this year? A recent article for Construction Business Owner predicts the following.
Labor Shortage – This is not a new problem. The construction industry has been experiencing a shortfall of skilled laborers for years. In response to the shortage, some employers have utilized inexperienced or unfit workers, which oftentimes results in increased costs in a number of areas. The author suggests that industry managers should reevaluate their employee benefits policies as they seek to attract millennial and Gen Z workers to the industry.
Uncertainty – The combination of slowing spending and volatility in materials prices is a source of difficulty for many construction companies. Strong planning is important to remaining afloat in spite of uncertainty. This includes focusing on maintaining skilled employees, your best customers, a strong budget, and risk-avoiding practices.
New Technology – The pressure to adopt new technologies will continue to grow in 2020. Consider exploring productivity-improving tech, such as drones and robots, or new software systems that can increase organization and efficiency.
Risk Management – Insurers are calculating higher risk in the construction industry due to inexperienced workers, new technologies, and shifting legislation. As such, premiums are rising. If you encounter this issue, consider exploring alternative financing and insurance options.
For more details, read the article in full at Construction Business Owner.