When the end of the year approaches, businesses in the construction industry look forward to the new year trends. With growth expected to continue in the construction industry, many companies are looking forward to the construction industry trends for the next year. Here we look at 5 of the most significant trends to watch out for in the coming year.
- Building A Brand and Credibility Has Many Dimensions
The majority of U.S. employees in the construction industry are employed in small businesses, with small businesses holding 82.7% of the business employment share. But working as a small construction business means you may not have the recognition or credibility of the larger companies. Brand building is an essential aspect of managing a small business, and it’s important to have a professional appearance. Branded company uniforms, safety gear, and promotional products can help your small construction business build a strong brand and credibility. A featured company name or logo becomes a recognizable aspect of your business that helps with client trust, marketing, and promotion.
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2. Construction Companies Will Continue To Be Watched Closely For Safety
With the construction industry booming, companies are coming under increased scrutiny for adherence to safety standards. Without the resources and personnel of larger companies, small construction companies may fall behind on safety standards. However, companies will face closer scrutiny for accidents and infractions. Small businesses can get ahead by knowing the ANSI standards and choosing ANSI certified safety vests, safety gear, and apparel, as well as always adhering to safety standards on the work site.
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3. Technology Transforms Planning and The Job Site
Technological advances are impacting the construction industry more and more significantly, with advances in virtual reality/augmented reality (VR/AR), wearables and construction sector specific information technology. The construction industry is still in the process of embracing new technologies, but virtual reality and augmented reality, often combined with 3D modeling, are already being used to map out a construction project and identify potential opportunities and risks ahead of time. On-site wearable technology is being used to monitor workers safety, drones are being used to survey work sites, and equipment sensors are increasingly used to monitor when a piece of equipment needs repair.
4. Sustainability Remains Important, With A Changing Focus
The construction industry is still focusing on the importance of environmental sustainability, with a shift in focus from the environmental benefits to the bottom line. Construction companies are highlighting the benefits of sustainable construction in a financial sense, in that it saves on energy costs and creates jobs.
5. Labor and Materials Shortages Increase Costs
Costs of construction have been going up, and this is attributable to the growing cost of materials and the skilled labor shortage. Construction costs have been outpacing inflation; however, this isn\’t a trend that can last forever. Construction companies should be aware of this when accounting for pricing.
By being conscious of the current and future construction industry trends, construction businesses can work to stay ahead of the game and give their business the edge to succeed.
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