Evaluating Construction Trends From 2023 and Forecasting For 2024

Business people discussing with trends chart on table

What lies in store for the construction industry for 2024?

February 12, 2024
Jason Feld & Dominic Donato - Kahana Feld

As we begin 2024, it is informative to evaluate what transpired in 2023 in the construction industry, and especially the use of construction technology. 2023 ushered in a variety of newly implemented construction technologies including 3D printed entire houses, improved wearables that detect all aspects of the construction worker from location to temperature to heart rate, increased use of modular construction for entire apartments, hotels, and condominium projects, and eco-friendly and conservation minded technologies to minimize carbon footprint, water preservation and sustainable construction methods, to name a few.

2023 also identified some significant issues in the construction industry. First and foremost, the labor shortages and hiring of skilled and qualified workers continued to be an issue resulting in increased delays, construction accidents, and project mismanagement. The skyrocketing interest rates, decline in commercial/office projects, supply chain issues, material price fluctuation and increase changes in scope of projects all negatively impacted the construction industry in 2023. There is also the demand for renewable and infrastructure projects put strain on construction resources as the projects became “mega” with larger and more complex construction leading to multi-party, high dollar, and more complex claims. Finally, there is a growing trend of construction claims and litigation being financed by third party litigation funding sources for personal/bodily injury claims and construction defect claims.

Reprinted courtesy of Jason Feld, Kahana Feld and Dominic Donato, Kahana Feld

Mr. Feld may be contacted at jfeld@kahanafeld.com
Mr. Donato may be contacted at ddonato@kahanafeld.com


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