The construction industry is undergoing a major transformation, with technology playing a key role in making construction management and site operations more efficient and sustainable. Major trends in the sector include building information modeling (BIM), construction robotics, and the use of advanced building materials. In addition, the COVID-19 pandemic has necessitated new forms of construction that comply with regulations and worker safety. As a result, start-ups and expanding companies are increasingly developing innovations in prefabrication, worker safety, and construction robotics.
In parallel, 3D printing and green building solutions are significantly reducing the negative impacts of construction on the environment. As the construction industry adopts modular, eco-friendly approaches, advanced building materials are complementing new forms of construction. ABC's patented model uses the historical relationship between inflation-adjusted growth in construction spending from the United States. In the past, negative perceptions about trade schools hindered efforts to hire new talent in construction.
As the industry becomes more competitive and the market changes, taking advantage of these construction trends will prove valuable to any construction company. In addition, technology is digitizing construction monitoring and inspection, making things easier for construction planners and site supervisors. The American startup Guerdon is building a large modular remote technology for large construction projects and multi-family homes. The company also offers safety training modules on virtual reality sites to help managers and supervisors train construction workers and virtually identify project risks.
These construction industry trends are rapidly changing the global market, raising prices and exacerbating the shortage of skilled labor which is likely to continue in the next decade. Regulatory challenges could become more stringent with intense scrutiny on workplace safety and adaptation to climate change. Advanced drone software provides real-time, actionable data that can be used to make quick decisions, further streamlining the entire construction process. The result of this research is data-based innovation intelligence that improves strategic decision-making by providing an overview of emerging technologies (26% of emerging companies in the construction sector).
In addition, there aren't enough people in the construction industry who have enough digital skills to help automate processes and improve productivity. Green buildings are the future of the construction industry and new companies are developing solutions to support green building. As disbursements from the infrastructure bill increase, so too will construction spending, exacerbating the gulf between labor supply and demand. Economic analyses of commercial and industrial construction include federal data on construction spending, employment, job offers, and the producer price index.