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“The construction industry realizes that to drive more predictability, profitability, and safety into their processes, firms must continue to embrace digital technologies and innovation in 2023. Today, backlogs remain strong – but construction activity is a lagging indicator. With a potential recession...
As we leave 2022 and enter 2023 here are four things I am watching. Interest and equipment price both going the same direction In the first part of 2022, there was a lot of optimism in the construction industry. Contractors were preparing for the investment of billions of dollars in infras...
In this article, Fastmarkets takes a closer look at the 2024 market outlook for some of the key materials used in the construction industry –steel,scrap,aluminiumandlumber. We’ll take a look at their projected price trends and the factors influencing these commodity price forecasts. If you’r...
As of 2023, the BIM market was worth$8.06 billion and is expected to grow to $9.43 billion this year. The construction industry took somewhat of a hit during the pandemic. But it is expected to rebound over the next few years.
These price rises are being driven by the increased costs of raw materials such as steel and concrete, high fuel prices that are adding to operating costs, high freight costs, and upward pressure on wages amid robust demand for skilled workers in the construction industry. The uncertain economic...
In the 2010s, safety management, environmental management, quality management, and construction industry and business were ranked high. These changes reveal how Korean society’s and industry’s demands have changed over the years. Furthermore, the findings from keyword frequency analysis revealed that...
In addition, the Royal Institution of Chartered Surveyors (RICS) “Digitalization in Construction Report 2024” cites a consistent increase in the industry’s usage of digital technologies. This trend suggests an increased dependence on subscription-based digital platforms to improve construction project ...
After a turbulent period of adjusting forecasts and changing expectations, 2022 will be a year of reemergence and growth in theconstruction industry. Rising construction costs and labor shortages persist, challenging the industry to innovate competitive new ideas, while stricter regulations contribute to ...
The past year brought significant technological advances in renewable energy, AI, robotics, sustainable building construction, and alternative material resources—and 2023 portends further developments in these areas. Here are five technological trends to watch in the coming year. ...