Construction Industry Trends
The world of construction is an ever evolving place. Although it may not seem it to everyone, it is a fast paced environment, with new technology and trends around every corner. There are some things to consider involving new construction industry trends when reviewing a contractor.
Going Green
With the world around construction becoming more eco-conscious by the day many companies are taking steps to keep up. That means using green materials to build new projects. This is part their decision and part the demand. A recent study by U.S. Green Building Council showed nearly 40%-50% of nonresidential construction projects have green materials in their planning. That is equating about 120-145 billion dollars in opportunity! Meaning no company will want to miss out.
In addition, LEED (Leadership in Energy and Enviromental Design) is a certification program based upon a points system, and is growing rapidly. This is focused on mostly commercial buildings, where your project earns points in green standards, and more points the higher ratings. LEED is projected to be referenced in over 70% of projects at 50 million+, and over 30% in projects at 1 million+. Along with LEED already the most widely used system internationally, high LEED ratings are become more and more coveted by investors and developers nationally. This is causing a trickle down effect from large corporations to small. Keeping that in mind, it is better to get ahead on this industry trend that is proving it is here to stay.
Telematics & Equipment Sharing
Although telematics isn’t a new concept, the practice of it being built right into vehicles, heavy equipment, etc. is. This allows basic GPS tracking of equipment. This translates to project managers being able to keep on track with all equipment and better meet deadlines. Another reason it is important, is due to the practice of equipment rentals and sharing increasing. For small to mid size companies it is beneficial to rent heavy equipment, or share ownership with other affiliates in the area of machinery and vehicles. This allows them more access to it at a lower cost. With the built in tracking of property it helps to ensure every company receiving the equipment on schedule. Not only does it provide lower cost by sharing ownership, it helps with less air pollution by having only one vessel producing emissions versus several. A benefit to those on the outside choosing a contractor, is this allows for lower production costs to you. They do not have to rent out equipment in a block schedule, creating lower estimates to you.
Vanishing Paper
This relates to going green too. Along with this being eco-friendly on their half, it is more practical.. With the average small construction firm saving over $5k by going paperless this is spreading like wildfire. By using all digital invoices and software for processing, companies have less room for error and can maintain better organization. They can revise and resend you instantly new contracts, invoices, update logs, and etc. instantly online for a faster response and progress on projects. Another plus for you choosing a contractor is most of construction management software programs boast creating more accountability and transparency by mapping out every single step and detail, therefor earning more trust from clients.
More Technology
3d printing and Building Information Modeling (BIM) is slated to be the industry standard in the future. The practice of creating digital models to provide information for projects helps greatly in safety. It allows better planning, risk assessment, and preparation in all phases of the construction process. The plus to the clients is better planning allows more accurate quotes from companies, and less variables to come forward later. These programs can save project managers thousands, saving you thousands.
With these programs now linkable to apps on all mobile devices, it easily shares the information and keeps everyone on track.
Although it may seem a small step in the grand scheme it is very beneficial to all to look for these improvements in technology in contractors.
These certainly are not all the trends in today construction world, but are some of the most prevalent. They are important to both the contractor and the client, and do not take a greta amount of time to consider. Listed above are trends that are becoming integral to the process and can be practiced by all size companies. They branch out to many other topics to consider, and are very helpful when reviewing a contractor. Please feel free to conact us for more information or to share your thoughts!
