As the U.S. economy continues to rebound and the recession that rocked the country grows smaller in the rear view mirror, the construction industry is poised for a big comeback. The industry is adapting to resulting trends that have changed the landscape not just nationally, but globally. Below, we’ve shared four of these trends, courtesy of Ben Doda for GreenBiz. Among the fastest growing cities for construction projects is Dallas, Texas, with forecasts in the Dallas-Fort Worth-Arlington metro area painting a rosy picture for developers with $17.8 billion project starts in the past year.
The Market
According to Doda, sustainability is in big demand across the globe. As the population in developing countries continues to grow, “the demand for sustainable development solutions is out of necessity,” he says. According to a report by the World Economic Forum, 65 percent of the construction industry’s growth over the next decade will happen in emerging countries.
Resilience
Doda reports that national disasters are up. As the effects of climate change become the new normal, he says, the construction industry “needs to meet this challenge.” Doda also notes that 30 percent of global greenhouse gas emissions are attributable to buildings and that half of all solid waste in the U.S. is produced by the construction industry. It’s time for the construction industry to reduce its footprint, says Doda.
The Workforce
Finding talented workers to join the construction industry has been tough, says Doda. In fact, 50 percent of general contractors are concerned about finding experience workers. A shortage of workers combined with a confused infrastructure, says Doda, is a gap the construction industry must find a way to bridge.
Politics
According to the report cited by Doda, $1.2 trillion in infrastructure could be added by 2030 if all countries commit to time limits for approval and the permit approval process is sped up. Doda writes that good governance is “needed now in order to curb the corruption and geopolitical uncertainty” that is keeping the construction industry from moving forward.
To read Doda’s article in its entirety, click here.
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