4 Trends Impacting the Construction and Project Management Industry in 2022
In the wake of a global pandemic, construction and project management businesses have implemented new innovations and strategies to combat the challenges facing the industry and leverage opportunities for company growth. As we head into 2022, here are four trends we expect to see this year.
Supply Chain Disruptions to Construction Project and Delivery Margins
The COVID-19 pandemic exposed the vulnerabilities of global supply chains, leading to shortages of key materials used in construction and subsequent delays on projects as well as increased production costs. In order to be successful, project and construction managers will need to prioritize efficiency and cost-saving opportunities such as automating sales workflows and negotiating with suppliers.
Integration of Technology and Digitalization
As technology advances, industries across the board benefit from identifying new opportunities for growth – whether it’s in the field or behind the scenes from a business management standpoint. Labor shortages and shrinking profits have posed major challenges to construction management in recent years, and technology has been adapted to increase productivity, efficiency, and safety. Examples of this include the use of artificial intelligence (AI) and simulations in collaborative building design, digital bookkeeping such as payroll and record-keeping systems, and automated tools including self-driving construction vehicles and drones for land surveying and inspection. Digital solutions are evolving to be more accessible and easily scalable, appealing to construction and project management companies of all sizes.
Introduction of New Building Materials
With rising concerns over affordability and sustainability in the construction industry, it’s expected that new, more cost-effective building materials will enter the scene. Two examples of products that are already trending in the construction industry are recycled materials and 3D printed materials such as walls, floors, and concrete. It is expected that 3D printing will become more of a focus in 2022, allowing for luxury residences to be constructed in record time – and at a fraction of the cost.
Increased Focus on Sustainability
In recent years, there has been increased pressure from both clients and stakeholders for environmentally-friendly projects. Construction management companies are pivoting their services and business strategies to identify sustainable materials to help offset their carbon footprint. The number of LEED-certified (Leadership in Energy and Environmental Design) projects has continued to increase year-over-year since the program was implemented in 1993. With additional tax incentives, sustainable building projects are expected to increase in popularity in 2022.
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