The construction industry is due for a digital renovation. Faced with challenges around project efficiencies, ongoing safety concerns, and flatlining labor productivity levels, the industry’s sluggish adoption of new technologies has reached an inflection point.
Digital transformation requires changing processes and using new resources that harness the power of data to improve communication, efficiency, productivity, and safety.
This can position construction firms for profitable growth in a highly competitive industry, while also addressing workforce challenges.
The construction industry has a workforce that skews older, and as more baby boomers head toward retirement, the industry faces a labor shortage that’s poised to get worse. According to the U.S. Bureau of Labor Statistics, there were about 300,000 construction job vacancies in June 2019, and the industry is expected to need 747,000 more workers by 2026. While the demand for skilled craftspeople has continually increased, fewer young people are entering the industry.
Potential recruits just don’t see construction as an attractive and viable career option, especially when other sectors are considered more tech-savvy and offer perks that appeal to millennial workers. To navigate these conditions and sharpen their competitive edge, construction companies need to adopt a bifurcated strategy: invest in new technologies to streamline operations and lower costs from the blueprint to the final product, and invest in the workforce through retraining initiatives and by bolstering the talent pipeline.