Every Friday, we select a few articles from the week that we think are worth your time as a construction financial manager (CFM). We look for compelling articles not only about financial topics, but about business, technology, and life, that challenges you to think about your role as a CFM in different ways. We’d love to hear from you about how we’re doing, and to have you join our community by subscribing to receive this weekly post by email. Follow #CFMReview.
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Global Construction Industry Expected to Grow 85% by 2030
The latest report by Global Construction Perspectives and Oxford Economics estimates that annual global construction spending will increase by 85% to $15.5 trillion by 2030. (Wondering how many zeros are in $15.5 trillion? A lot. $15,500,000,000,000.)
Together, China, India and the United States are expected to account for 57% of that growth. Certain US regions should see more than others – for example the southern states as well as New York, Chicago, Los Angeles, and Houston.
This report is excellent news for American construction companies because it suggests there will be HUGE demand and potential for growth throughout the next decade and a half. Want to position your company to rise with the tide? Caterpillar suggests the following:
- Anticipate the impact of slow, continued growth
- Evaluate and address your need for skilled workers
- Develop expertise in green building
Read “3 Things You Can Do To Rise with Construction’s Tide” at ForConstructionPros.com
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The Future Is Upon Us
The advancement of technology seems to be moving faster and faster every year. Technological developments have already increased ease and efficiency on the job site – mobile apps and electronic invoicing have cut down on paper and manual organization. But there is much more to come in 2016.
The following are tech trends that Construction Executive has chosen to highlight for the upcoming year:
- Real-time construction collaboration
- Smart geolocation
- Automation
- Staying innovative
For more details on how these innovations will reshape the construction industry, check out the article below.
Read “2016: The Year of Frictionless Technology” from Construction Executive
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What to Expect in 2016
Construction Dive has compiled 10 trends to watch in 2016. The common thread? Optimism.
1. Shortages of skilled labor will continue to cause problems
2. Prefab/offsite construction methods will grow in popularity
3. Construction companies will be more cautious about project selection
4. BIM and other technologies will become a necessity
5. Green building will expand across sectors
6. Job site accidents and indictments will rise
7. Single-family sector will outpace multifamily sector
8. Laser scanning technology will become more popular
9. Remodeling (especially luxury remodeling) will have a strong year
10. Homebuyers will seek simple, walkable communities
What do we take away from this article? The industry is growing and there is lots of opportunity available, but as technologies become more widespread in construction, it is essential to stay abreast of innovative techniques and practices to remain competitive.
Read “10 Construction Industry Trends to Watch in 2016” from Construction Dive
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