What's Slowing Down the Construction industry?

As 2017 come to an end, several major events continue to trouble the real estate and construction industry. These events are:

Labor Shortage
Increasing the cost of materials
Environmental Improvements
Technology Advancements

Labor Shortage

Construction industry has been booming for the past decade, however all reports indicate that we're heading to a slow market in 2018. Despite this, many resources are strongly indicate that finding qualified professionals is still a major problem. Safety is also a major concern and companies are starting to invest in proper safety training programs.

Increasing the Cost of Materials

Material cost has rose by 4.8 percent over the past year. Since we're heading to a slow market, home builders and contractors should be concern about the cost of building materials, energy prices, inflation, interest rates, supply and demand.

Environmental Improvements

The expanding Green Building Industry (GBI) is making a significant impact on North American Economy. Reports indicates this industry has contributed $134 billion in labor in 2015 and expected to continue creating more jobs in 2018. The ecological benefits will start trending through construction and real estate industry.

Technology Advancements

Since mobile and cloud based applications are becoming more affordable, we will see an increase in technology adoption in 2018. It is also expected to experience a greater integration between construction projects, cloud-based architectural service providers and home builders.

Overall, the construction industry has a bright future. Many of its challenges can be resolved with innovation and collaboration. The best measure professionals can do is continue improving as the industry evolves through technology advancements and new ideas.

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