No industry has remained unaffected by the pandemic and subsequent global events. It’s been a turbulent few years, and that has left a lot of uncertainty for construction companies. But the industry continues to evolve, and there are some exciting trends on the horizon.
Some of these changing trends are beneficial while others remain challenging to navigate, but there’s no doubt about it: Big changes are happening in the construction industry. We’ll look at the most significant changes coming to the industry in 2022 and how companies can adapt to take advantage of them and stay competitive.
Technology
In an effort to increase productivity and reduce inefficiencies, technology is being integrated more and more into the industry. Mobile technology is playing a more significant role in improving the information flow between job sites and offices. It can also promote real-time data collection, helping with better record keeping and collaboration.
Virtual reality technology is popping up more and more in many industries, including construction. Companies are using this technology to enhance safety, choose the best materials for a project, and create complex designs.
Drone use is also steadily growing and is quickly changing the industry landscape. Uses include surveying land, data collection and reporting and providing safety and security inspections of job sites. Also, expect to see more wearable technology like smart helmets.
Construction companies looking to invest in new technologies can benefit from partnering with a heavy equipment financing company and see their productivity begin to take off.
Rising Costs
Originally, material and equipment costs began rising in 2020. Supply chain issues struck in the early days of the pandemic, combined with an increase in home renovations by homeowners wanting to make their spaces more comfortable during lockdowns, creating increased demand and rising costs. Wages have gone up because of qualified worker shortages.
Factor in the rising price of gas and inflation going up, and there is no end in sight to high equipment and material costs.
Safety Matters
The pandemic brought increased attention to the issues of worker safety, including providing personal protective equipment and enhanced cleaning protocols. That focus has only grown in 2022. Another benefit of new technology like VR is the opportunity to improve safety standards by helping to train new workers in a much safer setting. Technologies can be used to identify potential project hazards before accidents happen.
Retaining Workers
As mentioned, labor shortages have had a negative effect on the construction industry, and this is causing an increased focus not just on attracting skilled workers but on retaining the ones they already employ. Increased wages are a part of that strategy, as are increasing benefits and workplace conditions to ensure companies remain competitive.
These changes to the construction industry are coming rapidly to meet the challenges brought by shortages in skilled workers and increasing prices that are expected to continue for some time. Adapting to these changes will allow construction companies to remain competitive.