________________________________________________________________________________________________________________
Improving
PROCESSES
Increase in construction spending ignites the need for new technology
Amid ongoing economic uncertainty and a looming recession , most industries have experienced massive budget cuts , layoffs , downsizing , and other measures intended to safeguard organizational profitability in today ’ s largely unstable market . Despite these widespread obstacles , the opposite has been true for the construction industry .
Following the introduction of the Infrastructure Investment and Jobs Act ( IIJA ) in 2021 , billions of dollars are pushed into the construction sector as the United States addresses a critical need for updating infrastructure . Jobs were added , new projects were introduced , and the market is booming . This sounds like great news . Unfortunately , this creates its own set of challenges . Increased spending and an influx of large , new projects require tools and resources that can help manage this growth . For the many contractors and construction companies who have been using the same outdated technologies or manual planning processes for years , this places them at a disadvantage .
As the construction sector continues to experience an influx of capital , there is a critical need for new technologies to support the pre-construction planning process . To allow these companies to keep pace with increased spending , streamline processes , and uphold ESG initiatives while continuing to drive innovation , construction executives must integrate new technology .
Impact of the Infrastructure Investment and Jobs Act on construction spending and project availability
As the funds from the IIJA make their way to critical construction projects , many contractors are struggling to keep pace . Outdated technology
20