12 most interesting construction industry trends – London Business News | Londonlovesbusiness.com

While construction may seem like an industry rooted in the same machinery, materials, and processes it’s used for years, several industry trends are gently driving change. From construction accounting software making it easier to automate accounting to an emphasis on safety, there are lots of positive changes, either fully implemented or in the process of being implemented.

Here are some of our favourite construction industry trends to watch out for in the remainder of the decade.

More prefab and modular construction builds

Modular and prefab construction are popular in healthcare, hospitality, and education. This method constructs up to 90% of the structure before bringing it to the construction site. There is tons of growth based around these concepts, with developers and contractors finding that prefab and modular builds keep costs low, shorten timelines, and reduce waste.

Rising construction costs are trouble

Cost volatility has been part of the construction industry for several years, with labour and material costs rising and falling this decade. This is set to continue with an average annual cost increase of 3-6% on most industry variables. These escalating costs have required enhanced precision and efficiency to mitigate these ongoing increases in doing business.

Internet of Things (IoT) integration

The rise of interest in smart cities and integrating the Internet of Things (IoT) into infrastructure and buildings means more data collection, dynamic tech, and new features that most people have yet to access. Expect more smart buildings and tech integration in residential and commercial settings in the years to come.

Construction accounting software is on the uptake

Project management software has been popular for years. Construction software adds a whole new set of services a firm can use, such as automating invoicing and payment registration, streamlining financial analysis and budget tracking, automatically registering documents, and automating reports. This software can save accountants time and effort.

Enhance construction worker safety

Nearly 20% of all worker deaths occur in construction every year. Fatalities and serious injuries are real risks. Safety culture, already prominent, is growing. The added emphasis on worker safety and adherence to safety regulations, combined with new safety tech, equates to fewer onsite accidents, more immersive safety training, and a better understanding of potential hazards.

Sustainability as a cornerstone of construction

More construction companies adopt eco-friendly practices. They use green building materials, integrate energy-efficient technology, and look at ways to make processes more environmentally friendly. More projects are going sustainable, prioritizing ecologically responsible, non-toxic buildings that create as little waste as possible.

More wearable tech to monitor safety and efficiency

Technology will play a large role in construction. Wearable devices can monitor safety and project progress, providing an immersive view of what’s happening on the ground. Wearables can also document hazards and work details. Sensors worn by workers can detect all sorts of data, from vibrations to temperature, heart rate, and more.

More virtual design and augmented reality in construction

Several software and visualization apps, including Building Information Modeling (BIM), allow clients to walk around in a virtual environment and see what their building will look like when completed. This allows clients to rework any details before they’re set in stone and construction begins.

Living building materials are increasing in popularity

In the last five years, clients’ interest in living building materials has increased by 4,900% in construction. These materials include self-replicating concrete and self-repairing bio cement to replace wasteful cement production. At least a dozen major companies with living building materials have received hundreds of millions of dollars of investment.

Ongoing labour shortages unlikely to decrease

The construction industry has a significant labour shortage, particularly skilled labour. Hundreds of thousands of workers are needed in North America. Up to 89% of construction firms need help filling job vacancies. This trend is only set to continue, with some 25% of construction workers over 55 and fewer younger individuals entering the industry.

Data digitisation for AI use

More data is collected in construction, partly related to AI. Digital data can be used to optimize project scheduling and resource allocation, collect daily financial data, provide reports, and more. AI can then use such data for safety monitoring, cost predictions, and risk identification and mitigation.

Digital Asset Management (DAM) software

DAM software helps construction firms manage, organize, and share digital files. It complements existing project management and provides centralized access to critical reports, documents, images, and video. DAM is used more in construction bidding and proposals than anything else. It has become the go-to proposal software for contractors.