While the global construction market size is expected to decline from $11,217.4 billion in 2019 to $10,566.8 billion in 2020, the industry will show signs of recovery in 2021 and reach an estimated market size of $11,496.7 billion, a compound annual growth of the construction industry of 1.2% between 2019 and 2021.
Despite a global pandemic that has seen various industries experience catastrophic impacts, the construction industry is holding steady. This is mostly due to construction being one of the few industries that were declared an essential industry. At the outset of the pandemic, many construction projects were not shut down, and could progress unhindered by the rules and regulations that negatively affected many other industries.
So, what does that mean for the construction industry going forward? Let’s look at a few of the short and long-term trends for our industry as we fight back from the effects of the Covid-19 Pandemic:
The Short-Term Effect: Relying on Technology
If we’ve learned anything from the Covid-19 pandemic, it is that working remotely is not only just a productive as in working in person, but that it is also becoming the preferred way of doing business in the post pandemic world.
Businesses across the construction industry are now discovering that remote working isn’t just for dotcoms but shifting toward a telecommuting work model is just as effective for other industries. Design, engineering, and even site management can take full advantage of technology that allows them to collaborate and execute projects from the home office. With tools like SiteKick in their arsenal, they can even manage, secure, and inventory their site from the comfort of their kitchen table.
Long-term, as construction businesses begin to invest in more technology solutions to innovate and streamline their project management, one of the long-standing issues of finding local talent to fulfil needs is finding a solution through the very telecommuting options that have been honed during the pandemic. Even before the pandemic hit, construction companies struggled to find local resources to complete their projects. With the advances in technology like 4D simulation, digital workflow management, site security, real-time camera monitoring and progress tracking, and advanced staff schedule optimization, the future of the construction industry is brighter than ever before.
SiteKick is a Key Part of the Growth of the Construction Industry
There are several tools available to the modern site manager that make the job easier and more productive. SiteKick is among the most exciting tools available and the Covid-19 pandemic is showcasing just how valuable a tool it can be. To find out more about how SiteKick is revolutionizing how construction projects are managed, secured, and monitored, schedule a demonstration today!