As funds from the Infrastructure Investment and Jobs Act (IIJA) continue to make their way into projects and the market demonstrates ongoing trends of record growth, 2023 has been a strong year for the construction sector. Despite ongoing labor shortages within the industry, contractors and engineers have had a booming market to participate in, with nonresidential construction spending continuing to climb for the 16th straight month this fall, according to the Associated Builders and Contractors. This not only provides tremendous promise for the year to come but also reinforces the need for efficient operations and tools that ensure these companies have the best chance of winning and completing these projects in the simplest and most financially-conscious ways possible to promote profitability.
Looking ahead to 2024, it is likely that we will see a continuation of certain trends as well as the emergence and integration of new ConTech solutions to streamline and more efficiently complete projects. In the upcoming calendar year, here are some things that we can expect to see throughout the construction industry:
1. Sustainable Practices as a Planning Priority
Environmental, Social and Governance (ESG) initiatives will take a front seat in 2024. Although sustainability has been a hot topic in construction for years, 2024 will be the year green building practices will become the norm, with buildings designed and constructed to be energy-efficient, using sustainable materials and incorporating renewable energy systems. To best position themselves to provide their services while upholding ESG standards, construction executives will leverage new ConTech solutions that implement better planning to reduce waste and facilitate sustainable and ecologically friendly construction.
2. The More the Merrier: Construction Projects Will Involve More People in the Planning Process
Going into 2024, there will be a push to involve more stakeholders and trade experts in the scheduling and planning process. Historically, participation in the construction planning process has been limited to individuals with knowledge of scheduling software, leading to an extremely centralized process. However, in 2024 and beyond, we are going to see a transformation to more decentralized planning efforts as executives move to involve more team members. This will give more power to project teams and allow for greater collaboration and alignment. It will also allow more employees to develop a wider range of knowledge and skills, creating a stronger and more diverse construction workforce.
3. Construction Cloud Migration Forecast: Cloudy with a 100% Chance of Savings
Although the construction industry is notorious for relying on old on-premise software, cloud solutions are the foundation of the industry’s digital revolution and have the potential to impact every part of a construction company’s work. The construction industry will continue to see accelerated adoption of cloud applications in 2024, streamlining project workflows and enabling teams to collaborate more effectively.
4. Increased Focus on Education and Marketing of Construction Careers
As the Baby Boomer generation continues to retire and leave jobs in trades such as construction, there is more pressure to fill these positions than ever. In 2024, we will see a drastic push within higher education and marketing efforts to inform prospective employees about these positions and how lucrative they can be. Concurrently, construction organizations will prioritize finding new talent that has a background in technology to fill these roles.