Construction Industry Stats Every Construction Manager Should Know
The global construction sector suffered a lot due to COVID-19. The epidemic affected construction managers, specialty trade contractors, laborers, and construction professionals. You probably have to shut down your projects if you’re a construction manager or general contractor. According to global construction industry statistics, construction employment fell by 256,000 jobs in January 2021 compared to February 2020.
But that doesn’t imply you should lose sleep over the construction industry’s prospects. Instead, what matters is that you apply what you’ve learned from this pandemic to construct your strategy to better deal with a similar disaster in the future. This article covers statistics of the construction industry to help you in doing so.
Understanding the issues your colleagues have faced since the pandemic and their current objectives is the first step in developing a plan. Since the pandemic outbreak, we asked respondents about their software, labor, and supply chain experiences.
Based on our survey findings, we’ve compiled four new construction statistics that describe COVID-related difficulties in the construction sector, the initiatives construction firms made, and their short-term priorities.
Construction Industry Statistics
Companies Are Increasingly Utilizing Construction-specific Software Tools
The construction industry has always been slow to accept new technologies. As a result, according to studies, construction trades have expanded slowly due to labor shortages, high prices, and reluctance to adopt the technology.
The COVID-19 issue, on the other hand, compelled construction companies to embrace digital change. The COVID-induced labor shortfall had to be compensated for by allowing employees to work remotely, which was made possible by digital technology. In addition, building information modeling (BIM), construction estimating, construction management, construction takeoff solutions, and other on-demand, affordable construction software products enabled businesses to cooperate and continue working online.
Worker Safety Is Growing More Expensive and Complicated
Most industries’ safety rules changed in 2020, but construction experienced significant changes—from the Welding and Cutting Standard to the Occupational Safety and Health Administration’s safety best practices (OSHA).
To avoid legal issues, you must understand the distinction between mandated requirements and generic best practices. The first is a legal duty, while the second is counsel. It’s critical to understand the differences to pick the ideal workplace safety policies.
Delays in Obtaining Raw Supplies Will Result in Lower Revenue
Due to COVID-19, it became hard for construction companies to obtain materials. The leading cause is the nationwide lockdown, which has hampered goods transit and labor availability. As a result, projects have been delayed or halted entirely, causing numerous construction companies to lose money.
You can’t afford to halt your project due to supply chain concerns. You’ll need to handle your construction materials effectively. This includes preparing for accidents, thefts, and natural disasters.
The Necessity to Become More Competitive Is Urgent
Because of the pandemic, most construction efforts, whether residential or commercial, were halted, making construction work scarce. Finding construction jobs will grow increasingly complex as spending declines. Businesses have understood that they must outperform their competitors to win new projects.
Moreover, strong bids are required to beat your competition. Bidding early, conducting extensive customer research, enhancing client communication, and focusing on your value proposition are all techniques that can help you create winning bid proposals. You’ll also need to provide a detailed, realistic project estimate that considers your needs and your current skills.
You can boost your chances of winning more bids by using construction estimating software. The software will assist you in creating competitive cost estimates with features such as a bid proposal generator, built-in calculators, and cost database connectivity.