ConstructConnect Blog

The amount of technology available geared specifically toward the construction industry is mind-boggling. There’s drones, robots, smart hard hats, wearables, ruggedized smartphones and tablets, and 3D printers. Soon we’ll have autonomous (self-driving) heavy equipment hitting construction sites. Not to mention the hundreds of software and mobile applications available for nearly every aspect of running a construction business from the office to the field.

The construction industry has gotten a bad rap for being notoriously slow at adopting new technology. Despite the proliferation of new tech that has hit the market in the last decade, many construction firms continue to underinvest in technology. Being unwilling to embrace the industry’s current tech revolution is no longer a sustainable business model for construction firms.

Every time you turn on the news, it seems like another natural disaster has struck in some part of the world. From major floods and hurricanes to earthquakes and tornadoes, natural disasters of all types are becoming increasingly common around the globe—including right here in the United States.

Most construction companies are struggling to get paid on time. According to a recent survey of construction company owners, 1 in 5 respondents say that cash flow is a problem they have to face at a constant basis. Only 13% reported that they do not experience any cash flow problem at all.

The construction industry is in growth mode across the globe. Construction output is projected to grow 85% by 2030, highlighting the ever-increasing opportunities for professionals in the field. At the same time, there is a lack of skilled laborers, and those same construction companies state they have a hard time filling positions.

Construction projects run on strict deadlines, keeping up with client demands, weather changes, missing supplies, and other problems to complete on schedule. A disruption can throw a figurative wrench into the works, making the job that much harder. What are some of the most common sources of disorder, and what can company owners and supervisors do to minimize this risk during their next project?

The construction industry gets perennially dinged for being too slow to innovate and adapt to new technology. This trend appears to be changing as more construction firms are realizing the value and benefit of adopting new technology. Not only is it a great way to step up their tech game, but it can also help them to attract and retain the next generation of workers. 

In light of last week’s polar vortex in the US, worker safety concerns have come to the forefront. In the construction industry, where deadlines are strict and the demand is high, extreme weather conditions may not phase some project managers.

I’ve written about the importance of a vendor payments strategy for companies in today’s business climate. But the reality is it’s twice as imperative for construction companies to implement this process because the industry’s payment challenges are bigger—and so is the opportunity. Payments are at the center of two critical areas of the construction business—vendor relationships and job progress. So getting strategic about how you pay can make a big impact.

General contractors and subcontractors are facing a mixed bag these days. On the one hand, they’re experiencing strong, even record demand with backlogs averaging over nine months. But the volatile nature of rising material prices, fueled by tariffs and trade tensions, has dampened some of this enthusiasm.