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2024 ’ s market landscape
This year , we predict that high industry demand will continue , especially when it comes to the public sector . For example , Deloitte found that the Associated Builders and Contractors ( ABC ) expect an increase in overall profit margins for the first half of 2024 , which would help support continued growth and according to the Associated General Contractors of America ; there is a lot of anticipation around water and sewer projects , transportation , federal , and bridge and highway work .
However , this optimism is tempered with concerns over high interest rates reducing the appetite for construction in some areas , ongoing supply chain delays , the shortage of skilled labor and increased material prices . Despite these concerns and challenges , you can boost your business by preparing for some of the top construction trends you ’ re sure to come across this year no matter what project you ’ re tackling .
Continued rise of material costs
The uncertainty around cost and resultant potential cost overruns can put entire projects in jeopardy . Even though these conditions are unlikely to resolve themselves in the near-term , businesses can mitigate their risk using established project management methods , including planning and budgeting . The industry has also turned to ecommerce sites to purchase materials , shorten project schedules , and lower costs . A few project management steps you can take to help reduce costs include :
• Maintaining accurate estimates , for example by pricing components out in advance and including a buffer for contingencies
• Managing the job site to ensure that all material usage is tracked
• Ensuring consistent communications with the client to let them know when costs or plans change
While individual projects differ substantially and come with their own unique challenges , finding smart and effective ways to manage these projects is critical to meeting deadlines and budgets , as well as growing your business . Focus on developing a strategic approach that has core principles around communication and collaboration . Also look for the right tools to help understand costs , like construction calculators , which can be a simple and easy way to accurately understand and manage costs .
Tech and digitization in construction
Another important way to manage costs and remain competitive is to stay up to date on the latest trends and integrate new technologies into operations . Building on the theme of project management , the industry is growing rapidly and adopting and implementing new tech including artificial intelligence , visual intelligence and design tools and other innovative devices . AI in particular can be a
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