Top 3 Challenges in the Construction Industry
What do your peers think about Construction Industry?
Construction professionals state that they are facing multiples challenges. But the lack of implementation of new technologies can be one of the main and new issues to resolve in order to start taking control of their business. Finally, trying to reduce or control the costs on the run and finding investors are both old and traditional challenges that the industry still cannot manage.
Construction Top 3 peer challenges
New technology implementations
From controlling costs and budgets, to computer modeling, new products monitoring, valuable partners or new markets, it seems that construction industry is not yet up to date with technology.
High cost of financing, but also equipment costs and instability of material prices due to economic fluctuations are one the traditional challenges for this industry.
In the absence of deep reserves, getting finance to achieve constructions contracts and gather all necessary tools and equipment to start a project is key for construction professionals.
Compared to other sectors, the construction industry did not show enough environmental responsibility efforts in the last years. But increasing regulations will sooner or later force companies to improve their processes, and they will have to be ready to affront these changes:
- Increasing government regulations
- Fast evolution in design and construction methods
- Reduce projects delays
Research-based trends and short-term forecast
Based on the Construction Industry Report published by Fpt Securities, developing countries will growth between 4.8% and 5.4% in the following years. The main reason that can explain this is the stagnation of Chinese economy (Fpt Securities).
To better affront this market growth, there will be one other important challenge to resolve: talent shortage. According to Willis analysis and insights on construction, the difficulty in hiring enough labor and qualified people has been rising for the last years, and it has come the time to address this problem (Willis).
Learn more about the construction industry and get to know the trends that will shape the business in the next couple of years by visiting us at www.reportlinker.com and start your research right now!