The construction industry is known to be one of the most stable and profitable industries in the United States. It is flexible and adaptable even amid the pandemic. Every trend that happens in a year always appears and reflects in different construction, whether industrial, commercial, or residential. Even if you are looking specifically for a general contractor Bay Area, then you should know the trends that affect the overall construction industry.
Stable Increase in Material Costs and Slow Growth
Even prior COVID-19 pandemic, there is an evident increase in the costs of materials and labor, not just in construction but also in different industries. As a result, companies are necessitated to fork out more just to sustain the companies and their operations. Resources are depleting and this affects almost everything that is purchased and therefore a rising cost in materials and service is expected to happen. Companies are still looking for ways to cut costs and prevent overpricing their construction services. One way to attain this is to rely on high-end technology that makes the workforce more efficient.
However, the ways of cutting the costs, there is no denying the rapid increase of material cost and labor affect the industry in general. While the construction industry is still growing and high in demand, this growth may be slower than we expect. Aside from the rising material costs, residential and non-residential sectors also limit their spending on construction projects.
More Integration of Technology
Technology has its ways of permeating into different aspects of our lives and this includes in how we build structures. Recent technological advancements have provided efficiency in the field including 3D printing, drones, and self-driving vehicles. 3D printing allows accurate measurements, drones are used to have a bird’s eye view, and self-driving vehicles are making the building process faster.
The most recent technology that the industry is eyeing is the Building Information Modeling (BIM) which provides enhanced collaboration; makes the resource management more efficient, and helps the people involved to interact while the project is onset.
More Improved Safety Precautions and Procedures
This industry suffers from more accidents and fatalities. After all, the construction equipment and process are heavy, bulky, and risky. And because of this, the industry received more and more criticisms. Fortunately, the criticisms have paved the way to improve safety procedures that protect especially the laborers who really do the job. Computer programmers and mobile applications make it easier for workers to adhere to safety protocols when working on any construction projects.
Emphasis on Sustainability
The scrutiny and criticisms do not just positively affect the safety procedures, but also try to address the environmental concerns and damages that the old approach in the industry has incurred. One way to appeal to the Millennials and customers, in general, is to find more sustainable resources and procedures to build a structure. Because of this demand, more and more companies are opting for procedures that have a less negative impact on the environment.
Now that you know the factor that impacts the industry, you can use this to your advantage. Try to purchase materials in bulk, hire a competent contractor, and choose a sustainable set of materials as possible.