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.