Five Mounting Forces Disrupting the Construction Industry

September 30, 2019
Kelly Romano - Construction Executive

Demand for U.S. construction is healthy, growing 10% between 2016 and 2018, and now reaching $10 trillion in construction related goods and services globally (a staggering 13% of the world’s GDP) and $1.2 trillion in the U.S. Yet it’s an industry at a crossroads.

Consider these statistics:

  • 70% of contractors cited trouble finding skilled craft workers; 65% think it will not improve and could get worse.
  • More than half of large projects are delayed past their scheduled completion date, with more than two-thirds over budget.
  • MEP systems (lighting, power, lifts, plumbing, HVAC) now account for 40% of build costs. Their complexity has overwhelmed project management and ongoing building operations.

Reprinted courtesy of Kelly Romano, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.

Ms. Romano may be contacted at kelly.romano@xinova.com



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