Trends on designing and construction of building have been constantly evolving for nearly the past couple of decades. If you are in the construction business, you would know how important it is to keep abreast of these developmental trends to be up-to-date about the industry evolution and to keep yourself above your competitors.
Moreover, these trends are not merely limited to the construction and designing and the technical aspects, but also are linked to the hiring, expenditures and issues related to the labor. All of these combined will help you, as a commercial construction contractor, to understand your business’ bottom line and how you may be able to increase your profit margins.
Below are some top 5 trends in the building renovation and construction business for your benefit:
- Technological Advancement
Without a doubt, we know how technology has improved the construction and renovation business manifolds in the past decades. We are more connected with each other with cloud and mobile technologies and have multiple channels that aid us in connecting with a wide audience. In 2018, what is expected in the business is the integration and use of augmented and virtual reality. This, of course, would help the companies and clients to visualize projects in a more real space beforehand and way before the projects are built.
This also in turn, increases competition and only the ones adopting the technology on time as well as being the best in the work would be able to get more businesses in the years ahead. The use of this technological trend would allow people to virtually visit the site of construction without having to physically be there in person and have a feel of what they should expect at the end of the project.
The same technological trend can also be expected in the areas of drone use, 3D printing as well as the use of self-driving vehicles in construction and improved surface coatings for that matter.
- Growth in Construction Demand
Though, the industry saw a little dip in spending growth around two years back, it is a great news for them to welcome 2018 with a sunshine. The demands will keep growing up through the year as it can be seen in 2017 already. The spending growth goes both ways, for residential as well as commercial building projects.
- Rise in Modular Construction
You will expect an increase in the modular projects just as it happened this year. The most defining factor for this is the speed with which such projects may be built up as well as the more energy efficient projects that the modular construction promises. This would remain one of the hottest trends throughout the year.
- Hands-on cost saving
There have been serious concerns in the construction industry about the hike in the prices of supplies and the shortage in skilled labors. You would know how it influences the bottom lines of your business. However, the good news is you can make us of some smart cost saving measures.
Cost-saving looks pretty impractical with modular projects. Nevertheless, one plausible thing that you can look forward to is the public-private partnerships. These collaborative efforts help you reduce cost and be more efficient. Furthermore, you can make use of wearables among your laborers to track their activities and monitor the project in a smarter way so incurring of any extra cost can be minimized.
- Safety Measures
With increasing technological advancements, safety measures become less of a headache for the construction industry, which was once at high-risk for workplace accidents. Safety protocols can easily be disseminated through mobile apps instantly rather than waiting for people to reach to the site.