The past few years have been tumultuous for the construction industry, but it’s time to start focusing on what’s ahead. Large general contractors need to stay informed about upcoming trends in order to continue growing. That’s why we’ve identified key trends that large general contractors should watch out for in 2023.
By staying up to date on trends, general contractors can get ahead and be well prepared when these trends become common practice. Read on to learn more about each trend and how you can leverage them within your organization.
Technological advancements
Large general contractors must keep a close eye on technological advancements in order to stay competitive. Automation, machine learning, and other advances in technology are revolutionizing the construction industry.
One significant technological advancement is the increased use of optioneering platforms. General contractors using ALICE, for example, are able to cut costs and project duration by optimizing their resources.
With these advances, contractors can streamline processes and gain an advantage over competitors who don’t invest in the latest advancements. By taking the time to research automated solutions for tasks such as estimating, planning, and scheduling, contractors can save time and money while improving the quality of their work.
Use of mobile apps
Mobile apps are becoming increasingly popular among large contractors due to their convenience. These apps allow for quick and easy collaboration between team members, tracking of progress on projects, and the ability to quickly access necessary documents while on the field and on the go.
Adaptation to changing regulations
Contractors must stay informed on new regulations related to building codes, zoning laws, safety regulations, and more, as changes in these areas can significantly affect how they do business. As these changes occur, so too will construction processes.
By staying up to date with industry regulation changes, general contractors can ensure that they remain compliant and are able to take advantage of any new opportunities available.
A stronger environmental focus
Large general contractors are increasingly focusing on their environmental impact, and it will become even more important in 2023. With an increased focus on sustainability, contractors need to prioritize eco-friendly practices, such as renewable energy sources, green building materials, and improved waste management processes.
Making changes that reduce their environmental footprint allows contractors to benefit from increased public approval and potential tax incentives. It demonstrates a commitment to responsible business practices, which can be beneficial in the long term.
Innovative construction materials
Large general contractors are looking into ways to incorporate innovative construction materials that can help reduce costs. These materials can be used for a variety of purposes, from insulation to structural support.
Innovative materials like 3D-printed elements can be used in projects to reduce costs and create unique designs. Staying up to date on new materials allows general contractors to be ahead of the curve and gain a competitive edge.
Exploring new markets and regions for opportunities
As the construction industry grows, so too does the opportunity for large general contractors to explore new markets and regions. This means that contractors need to diversify their operations in order to take advantage of these opportunities.
Research into new markets can uncover potential projects and clients or identify areas where contractors can leverage their existing knowledge and experience in order to gain an advantage over competitors. Additionally, contractors can also look to other countries for potential projects and partnerships.
Contractors can tap into untapped resources and gain access to a larger pool of potential customers by exploring these new markets and regions.
Alternative financing models
Alternative financing models are becoming increasingly popular in the construction industry, offering contractors an opportunity to access funds and resources from a range of sources. These include venture capital, private equity, and crowdfunding platforms that allow projects to be funded by a variety of investors.
Large general contractors should consider researching different types of financing options as they become available in order to take advantage of these unique opportunities. Exploring new financing models lets contractors access the funds they need for future projects and stay competitive in the industry.
Enhanced safety protocols
Safety is always a top priority in the construction industry, and it’s becoming even more important as new technologies are implemented. With advances in technology like drones, virtual reality, and artificial intelligence (AI), contractors have access to tools that can help them improve their safety protocols.
These tools allow contractors to better monitor job sites for potential hazards, track the safety of workers, and quickly respond to any issues that arise. Contractors have the opportunity to take advantage of these technologies to ensure that their job sites are as safe as possible and remain compliant with state and federal regulations.
Conclusion
It is essential that large general contractors stay informed on the latest trends and advancements in order to remain competitive. By staying up to date on technological advancements, alternative financing options, enhanced safety protocols, and more, they can leverage these trends in order to gain a competitive edge and grow their business.
With an eye toward the future, large general contractors can ensure their success now and in the years to come.
