By most accounts, 2017 and 2018 were successful, but balanced, years for the industry. Many companies recognized the benefits of strong backlogs and growth in a number of the industry sectors, while also seeing challenges in cost containment, product availability, talent and preparing for an anticipated overall downturn.
Engineering and construction firms often are the hardest hit when economic conditions change. Some strategies that could help position construction firms for success include using technology to improve efficiencies, renegotiating contracts with clients and suppliers and using M&A to increase market share. Even with the best-laid plans, however, unanticipated political and economic events can require organizations to change course. Agile strategies are key to managing capital projects and infrastructure.
Reprinted courtesy of Mike Sobolewski, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.