2024's Top Construction Trends and Challenges
What’s shaping the construction landscape in 2024? We asked construction professionals at the World of Concrete trade show– and they answered. Here is a glimpse into the top trends and challenges awaiting businesses this year.
Tool Loss Tops the List as the #1 Operational Challenge for Contractors
According to our survey, nearly 1 out of 2 participants pinpointed tool loss as their business's biggest challenge to tackle in 2024. This highlights the unfortunate reality that tool loss is only the symptom of greater organizational inefficiencies like poor asset management, maintenance, and allocation. When left unaddressed, tool loss can lead to project delays and inflated labor costs, as valuable time is wasted searching for assets that should be easily accessible to the crew.
Fortunately, contractors have the opportunity to overcome these hurdles by embracing strategies and technologies that enable visibility and control over their assets – ultimately leading to more successful projects. By addressing the root causes of tool loss, businesses stand to not only recover lost profits and downtime from tool loss but also build a foundation for sustainable growth this year and beyond.
The Skilled Labor Shortage Continues to Disrupt Construction Operations
The biggest thing to worry about in 2024: the short supply of skilled workers. A whopping 61% of people surveyed flagged this trend as having a dangerous future impact on day-to-day operations. The scarcity of skilled workers poses potential challenges to businesses across the board such as:
- Project delays caused by inexperienced workers
- Increased labor costs as skilled workers will demand higher wages
- Poor work quality and potential safety issues
- Limited capacity to take on more projects
- Lower team morale, resulting in burnout and high turnover rates
To address this challenge, construction companies can focus on three key strategies:
- Invest in comprehensive training programs to upskill existing workers
- Establish apprenticeship initiatives to attract and nurture new talent
- Adopt technology and automation to enhance productivity and reduce reliance on manual labor for low-value tasks
⅔ of Businesses Are Using Technology for Employee Time-Tracking
In a notable trend, two-thirds of businesses have transitioned to digital time tracking, marking a significant shift in the construction industry's approach to employee time management. While it is surprising that a third of survey participants still rely on paper for time-tracking in this digital age, the majority has decisively embraced technology over traditional paper trail methods. This shift not only reflects the industry's recognition of the efficiency gains offered by digital solutions but also underscores the potential for continued transformation throughout 2024.
Align Your Operations for Success This Year
By taking a proactive approach, construction companies can position themselves to stay ahead of the trends and challenges that await them in 2024. This means not only recognizing the potential obstacles facing the industry but also actively seeking solutions and implementing strategies to overcome them.
Want to learn more about the solutions and strategies available to you? Check out our Resource Center to see how you can build better this year.