The construction industry is set to change for the better in 2020, as experts predict that jobs should increase despite the fact that the economy may still be in a bit of a slump.
While you may not see much change in sourcing materials or finding plywood for sale, you may find that you are in more demand this year than you were the last few years. Unfortunately, though, not everything about 2020 is looking up.
By understanding the forecast for the year ahead, you can be ready to meet the challenges it will bring.
Demand for Construction Services Will Increase
First, let’s look at the good news: contractors expect to see all sectors of the construction industry to increase. Whether it’s commercial or residential projects, electrical, plumbing or concrete form needs, the market looks very strong for 2020.
A good third of contractors expect to see an increase in the dollar value of their projects, while less than 20 percent are cautious about jobs decreasing. Overall, contractors are very optimistic that 2020 will be better than 2019.
There’s Still a Lack of Experienced Workers
Unfortunately, many contractors are still finding it difficult to fill all of their open positions. Four out of five say that they have had trouble recruiting qualified individuals with construction experience, and most expect that to continue this year.
Even those who do have applicants for their open positions often have to provide some on-the-job training before the crew member can work efficiently on their own. Still, despite the lack of experienced teams, many construction crews expect to add new employees and grow in 2020.
Budgets and Timelines Will Increase
Without full crews, many construction companies are finding that they have to adjust both their project timelines and their budgets. They need more time to complete jobs since they have fewer experienced workers.
Many are also needing to hire subcontractors more often, which increases the budget. With the employee shortage looking to continue in 2020, this is definitely something many crews are going to need to take into consideration. If you found yourself pushing deadlines and budgets in 2019, you may need to consider increasing both.
Your budget for hiring new employees may need to increase, too. Many firms have found that in order to get the best crew, they’ve had to improve their benefits, bonuses, and overall pay. Companies have to fight to get the best due to the fact that workers have more choices since everyone is in need of skilled labors.
If you don’t increase your wages, you may need to increase the amount of money you put into training to bring inexperienced new hires up to your expectations.
IT Usage Will Increase
To help combat employee shortages, many construction teams are looking at technology options and investing in IT. Tools such as drones, 3D printers, and computer-controlled devices are helping improve efficiency and even lower costs.
Drones can even help improve worksite safety by going into tight areas or flying up over the job site to get aerial images. Virtual reality equipment allows teams to create full mock-ups of a project and literally walk clients through the final design before a single brick is laid.
Experts anticipate that the use of technology in the construction industry will only increase in 2020.
Forming America Can Help You Succeed in 2020
While you may find it difficult to hire experienced employees and feel stressed due to unexpected expenses or delays, you don’t need to stress over finding the best concrete forms or shoring equipment. Forming America has all of these items for rent or purchase, plus we also offer materials such as plywood. Contact us today to discuss your needs.