The Construction Industry’s Rapid Development Over Five Years
September 4, 2018
The construction industry is changing at a more rapid pace than ever anticipated—faster in the past five years than in the past 50, according to a recent survey by FMI Corporation titled Managing Risk in the Digital Age, which surveyed contractors. As many as 90% of contractors reported having a shortage of skilled workers and 90% also said they received design documents that were less completed than in the past.
But perhaps the most jarring of changes were in technology. Between 2011 and 2018, more than 2,100 apps have been developed for construction-related tasks. Before 2011, no apps existed as Smartphones sales were only beginning to explode. Technology contributed the most to the quick changes in the construction industry, coupled with the changing workforce and low desire to enter the field of construction.
Despite these developments, many of those surveyed did not attribute technology as a roadblock for the future. Only 20% surveyed said technology was “aggressively disrupting their business models,” and companies willing to embrace the changes of technology were found to be six times more likely to innovate across their businesses, thus overcoming any pitfalls.
—Christie Citranglo, editorial associate