While an old adage, the idea that “failing to prepare is preparing for failure” rings true in 2024. As the construction industry continues to evolve, staying ahead of the game and up-to-date on trends is essential.
This is especially true if you own a construction business and want to remain competitive over the long term. Fortunately, new (and proven) techniques and technologies in the construction space are making it easier than ever to stay relevant while boosting efficiency, saving money, and even promoting sustainability and safer working conditions.
Ensuring a Project’s Success
Many businesses face ongoing supply chain delays, labor shortages and rising costs. While these challenges may continue to persist, sticking to tried and true project management methods, including planning and budgeting, can help you finish on time and save money. Focusing on these method types enables you to:
- Maintain accurate estimates by pricing out each part of the job
- Stay agile if material and labor costs change
- Manage your site with care to ensure proper materials tracking and employee safety
No two projects are the same. Every new project comes with its own challenges, and formulating a smart and effective way to manage these projects is critical to meeting deadlines and budgets, as well as growing your business. Learning how to manage complex projects requires a strategic approach, along with an emphasis on communication and collaboration. Tools like construction calculators can be a simple and easy way to accurately understand and manage costs.
Understanding Sustainability and Technology Trends
Within the construction industry, it’s critical to continue evolving in order to remain competitive over the long term. This includes staying up to date on the latest trends and integrating both new technologies and sustainable building methods into operations.
Emerging technologies and advancements including visual intelligence, sensors, Internet of Things (IoT) devices, robotics, immersive collaboration and 3D printing are surging in popularity among contractors and construction professionals. Some site managers are now using drones for monitoring and ensuring accurate measurements, resulting in improved safety standards while reducing billions of dollars in waste. By using drones, construction companies can survey and inspect locations without risking human lives, contributing to a 55% increase in safety standards.
And no technology conversation is complete without a discussion around artificial intelligence (AI). In fact, construction has been investing in AI technology for some time. Applying AI in the construction industry delivers many opportunities as it deeply influences every layer of the construction process. Today it is helping reduce risk, manage budgets, improve productivity, drive better planning and save money. Virtual design and construction (VDC) tools like Building Information Modeling (BIM) make it possible for builders and developers to create virtual models of structures before they begin construction, significantly reducing rework costs down the line. Taken together, these technological advancements are positioned to revolutionize the industry and drive cost savings, better efficiency, and greater safety in a high-risk industry.
Sustainability has also been a hot topic in construction for some time now, and will only continue to gain importance in years to come. As customers become more conscious of the carbon footprint of new construction, they will increasingly place pressure on developers to find more sustainable methods of construction. These solutions could range from greater use of green construction materials and renewable energy to a focus on creating a more transparent and sustainable supply chain.
Two other sustainability trends influencing the industry are related specifically to “living” and “new” materials. Living materials are biological compounds (usually natural materials composed of bacteria and fungi) such as self-mending concrete, a fascinating material that has the potential to reshape the construction industry. While these materials and compounds are still in development, they could end up completely reinventing the construction industry in the coming years as more living materials are discovered and developed. The second shift underway is the development and use of new construction materials with benefits like a reduced carbon footprint, fewer emissions, and less waste. Some examples include:
- Engineered cementitious composite (ECC), also known as bendable concrete
- Engineered timber
- Recycled materials
- 3D-printed building materials
Growing Your Business
From home renovation projects to new builds, people will often seek out the work of an experienced and reliable contractor. This translates to huge opportunities for those in the construction industry who know their craft well and who are interested in starting or growing their own business. With the right mindset, tools and processes, you can be successful. A few tips include:
- Take the time to set up clear business practices, from what to do when a customer complains to how long you should wait in between paint coats.
- Create a digital presence with a professional website that showcases your past work and makes it easy for customers to contact you.
- Use high-quality machine tools, measuring equipment, hand tools, and other gear so that you and your team will be able to work faster and complete jobs easier.
- Work with supplier partners that have a deep and broad product assortment so you can get what you need quickly and at a competitive price.
It’s an exciting time to be in construction. While the industry will continue to go through transformation like many others, those willing to marry the fundamentals of the craft with new technology and sustainable building methods can continue to experience great success in 2024 and beyond.
