Construction In the Top Industries of The Future - Is It?

We have recently looked at the top 5 technology trends that will be shaping the construction sector in the future. Today, we will focus more broadly on the future of construction compared to other industries and on its biggest issues.

It is a well-known fact that the construction industry plays a crucial role in driving economic growth in both developed and developing countries around the world. And although construction has a reputation for its slow adoption of new digital technologies, this is actually starting to change now as companies start to realise that digitisation is the only way forward.

Construction Managers & Industrial Engineers - One of The Best Careers for The Future

According to the Business Insider, construction management positions are going to be among the 30 best high-paying jobs of the future with 40,400 projected new positions between 2019 and 2029 and median annual earnings of 97,180 dollars in 2020.

Another prominent position will be an industrial engineer. From 2019 until 2029, we will be observing up to 30,000 new positions and each with annual earnings of approximately 88,950 dollars. Now, what does this mean for the future of construction? It shows us that the industry will most likely be holding all the aces as it has got a great potential.

Why Is Construction Important in Our Lives?

We depend on architecture and construction every single day without even realising it. Having a roof over our heads, workplaces, shopping malls - all of these require the previous intervention of construction companies. Luckily, the industry has demonstrated incredible resilience during the worst pandemic times and over a period of significant disruption to the global economy. And even though the industry will still be dealing with inflation and supply-chain delays in the upcoming years, the global construction industry is set to lead global economic recovery from the pandemic over the medium-term and is expected to grow faster than the manufacturing or service sectors.

In fact, according to the report issued by Marsh in partnership with Oxford Economics and Guy Carpenter, the global construction market is expected to grow by roughly 4.5 trillion dollars over the decade up until 2030 in order to reach 15.2 trillion dollars. Only four countries — China, USA, India and Indonesia — will account for almost 60% of this growth while the top 10 global construction markets are expected to account for almost 70% of the growth over the same period and they include China, USA, India, Indonesia, Japan, Australia, Germany, UK, France, Canada.

On top of all that, the construction industry will be experiencing increased demand as a consequence of accelerated infrastructure investment supported by post pandemic stimulus programmes.

The Biggest Issues within Construction

We would simply be lying to ourselves if we kept pretending that the construction industry is flawless and does not require any internal improvements. Probably, one of the greatest problems that the industry faces nowadays is the UK housing market crisis, which has been affecting the Britons for quite some time now. Limited space in cities makes it difficult to build new houses, which makes the supply low. All of this combined with huge demand results in house prices continuously growing, becoming unavailable for many.

Furthermore, stagnant construction labour productivity is what has been haunting the industry over the last fifty years. What causes poor productivity within the construction industry? As COAA (Construction Owners Association of America) points out, up to 63% of labour time on mega-construction projects is spent waiting for materials and equipment to be delivered, traveling on-site and taking early breaks.

Technology to The Rescue

Naturally, every problem comes with a solution. In our case, it is embracing digital technologies. Why? Not only can digital solutions provide new opportunities to address the current challenges of poor production, but they can also massively reduce the costs of construction projects.

If we were to believe the estimates, full-scale digitalisation will lead to immense annual global cost savings within the next ten years. It is very good news for a lot of companies that have so far struggled to stay within the budget, which would lead to poor return on investment.

It is not a secret that digital tools and solutions make up Archdesk’s main area of interest. Knowing that digitalisation is the only way forward when it comes to fighting obstacles, we offer a variety of solutions to pick from that will help you remain competitive and significant on the market.

Explore Archdesk’s solutions!