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October 03, 2019

Healthy Economy Spurs Construction Investment

construction-1As the economy continues to grow, it’s clear that contractors are enjoying a new wave of confidence that is growing along with the boom in new projects. This optimism was captured in a recent survey conducted by the AGC of America, which reached out to contractors about key trends they expect to develop or continue within their respective companies.

While no economic boom lasts forever, the current state of the economy is encouraging contractors to invest more freely in their own organizations, and this includes technology and IT spend. In addition, the survey revealed that pay raises, increased spending on training, more hiring, and deeper focus on innovation are all on the top of contractors’ minds in 2019.

Within this, contractors can also open the door to new types of technology that will help them continue to grow and innovate even if the economy modulates in the coming months. Let’s look at some of the other survey findings and how technology will play a role moving forward.

Innovation Continues to Accelerate

Contractors don’t expect any one industry to take the lead on pushing out the most projects – healthcare, K-12, and public entities are all expected to generate a high volume of projects. This has made staffing those jobs a challenge, in some cases, as the industry still faces a worker shortage. Regardless, contractors expect to add personnel and to make it as attractive as possible to join a new firm by raising pay and increasing training opportunities.

To attract workers and create forward-looking environments, contractors also plan to increase their focus on innovation. IT investment will increase this year, focused on project management and document management software. But don’t sleep on more future-focused tech, as experts expect new technologies – from machine learning to virtual reality to robotics – will all play a role in the construction business of the future.

Machine learning has already proven useful in improving jobsite safety, while drones have the unique ability to both scout project sites by surveying land and providing a lens into hazardous areas without having to put a human in harm’s way. Robots will play a role in improving the worker experience, as some firms are experimenting with fatigue suits that have the potential to reduce jobsite injuries.

More traditional technological advancements include prefabrication and modular construction, techniques that help speed up the construction process and improve quality control – all while reducing the impact weather can have on work that traditionally occurs outdoors.

As mentioned earlier, a big part of tech spending will focus on construction project management and accounting software. The influx of venture capital spending in the construction software space means companies have more options than ever before, and new applications like cloud-based collaboration programs and mobile-friendly field tools are changing how superintendents and project managers get their jobs done.

Construction Tech that Complements Growth

The economy is providing opportunities that benefit contractors with the proper team and resources in place. Now is the time to make key investments in areas that will benefit all organizations for the long-term: people, processes, and technology. The rate at which new technology is developed by companies like Sage means there is a solution that is the right-size for every type of construction organization, from small subcontractors to large construction managers.

Contact us today for an overview on which construction technology solutions make the most sense for your business, or for a complimentary product demonstration.


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