4 Trends Transforming the Construction Industry

After the recession rocked the country in 2008, businesses of all types are slowly moving forward on their way to recovery. However, the construction industry has been particularly slow to adapt to the technological advancements that are reshaping our nation. That, in conjunction with a lack of qualified employees, is resulting in some well-needed changes for the industry. As we take a closer look at the four trends that are transforming construction jobs as we know it, ensure your business is backed by a comprehensive New Mexico Construction Insurance program.

The market.

According to the World Economic Forum report, “Shaping the Future of Construction: A Breakthrough in Mindset and Technology,”, 65 percent of the construction industry’s growth over the next 10 years will be taking place in emerging economies. On the subject of cities, and the high-flying world of international finance, we will need all of $1 trillion in investments annually in order to build and maintain a sustainable global infrastructure, says Green Biz.

Resilience.

With an increase in nationwide catastrophes, the construction industry must be resilient and meet the challenge. Rebuilding and securing existing structures are key objectives for construction firms.

The workforce.

A lack of qualified workers is a major pain point for the construction industry. As the urban construction boom and the technology fields continue to absorb most of today’s workforce, this industry is really struggling to find the talent it needs to be sustainable.

Politics.

According to the report, $1.2 trillion in infrastructure could be added by 2030 if all countries committed to specific time limits for approvals, and if the construction industry speeds up its slow permit and approval process, says the article. As of now, the approval process is far too complicated and causes inefficient decision making.

Daniels Insurance, Inc. provides expertise in both Owner Controlled Insurance Programs (OCIP) and Contractor Controlled Insurance Programs (CCIP). For more information about our construction insurance policies and more, contact us today at 855.565.7616.

 

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