The rising cost of materials, the use of technology to manage projects and sustainability continue to be realities in 2019.
Although increasing interest rates and labor costs have slowed down sectors of the construction, the demand for commercial real estate, school construction and public works projects remain strong. The demand for multi-family unit construction will continue into 2019, partially due to the numbers of empty nesters and Millennials seeking affordable options for housing.
Construction costs rose in 2018 and this will continue in 2019 for both materials and labor. These construction industry trends will continue as long as there is a decreased supply and increased cost for materials.
The very low unemployment rate is expected to affect costs, because there are more jobs than workers. Projects have slowed down or stalled due to the shortage of labor. The result of any project slow down is higher costs. Time is money in construction.
The use of technology
Technology will continue to impact the construction industry. The cost of implementing technology saves money in the long run. Construction industry technology, such as computer programs and applications, promote efficiency, transparency and accountability. Project management software offers real-time communication and the ability to track the project.
With more drone usage and 3D printing than ever before, it is likely the construction industry will embrace both these forms of technology.
After all, both will make construction work safer and easier; drones can be used to ensure materials are placed exactly how they should be, and 3D printing can be used to make sure every material is the perfect size. Another form of technology that people can expect to see more of is Building Information Modeling (BIM). BIM will make the collaboration aspect of construction easier. Most construction projects require tens (or even hundreds) of people to come up with essential aspects of the plan, but it can be difficult for all these people to stay in communication. There are lots of benefits to using BIM; it makes resource management easier, it helps people to stay in touch throughout the project, and it enables enhanced collaboration.
Green construction and sustainability
Green construction and sustainability are here to stay. Even though these terms appear to be interchangeable, these two concepts have differences. Green technologies improve the carbon footprint; sustainability is a method employed to make the world a better place.
This growing field in construction. More and more buildings and plans are incorporating green technology into the construction process. Green construction is a way of building projects in an environmentally responsible and resource-efficient way. It covers from planning to design, to construction, maintenance, and demolition. These methods aren’t that different from the classic building methods since the economy, utility and durability are all important facets of the process.
Increasingly, people are focused on sustainability, so the most successful companies are also focusing on sustainability. This is a terrific way to appeal to the Millennials, and of course, it is also much better for the world as a whole. For this reason, it is very likely that most, if not all, construction companies will place a strong focus on sustainability. While it is still important to find the best product for the job, it is likely managers will look for products that have a focus on ecological benefits, such as living walls that provide an area with fresh oxygen. Sustainable construction can include the preservation of the environment, an efficient use of resources, with an eye to social progress and culture. These can include buildings with ways for natural light to reach the middle of the building, thereby reducing electrical costs or buildings that reuse water from the sinks in the toilets. These focus on making small changes to reduce the number of resources necessary to build a new building and such.
Increase in Prefabrication and Modular Construction Projects
many projects, but production has slowed or stalled due to the labor shortage. While this is why companies are turning to modular and prefabricated construction in order to make project deadlines, it doesn’t’ change the dwindling number of workers.
The trend of prefabrication and modular construction will continue to be strong because these products are energy efficient and cost-effective. In some cases the use of these product reduces overall costs significantly. You can expect to see a lot more permanent modular buildings in the future, as well as pop-up buildings and prefabricated homes.
Improved safety procedures and equipment
Construction industry trends that will continue into 2019 are the better safety equipment products. With the rise in new equipment, there will also be a rise in standards. Due to the hiring number of accidents and deaths related to construction, it’s clear that there will be a push for better safety equipment.
These improvements will help keep more of the workers safe on a site and bring about a new era in construction safety.
The construction industry suffers far more workplace accidents and fatalities than most industries. The development of technology designed to make construction sites safer, such as mobile apps and computer programs, encourages employees to adhere to safety measurements when they are working.
Murfey Company is committed to environmentally responsible and resource efficient construction in its commercial and residential projects from start to finish. If you are interested in learning more about our construction and real estate development projects, please visit www.murfeycompany.com.