From year to year, margins for waste and error are being reduced in the industry of construction with old challenges pertaining and new trends emerging to respond to these challenges. The industry of construction is known by a slow rate of adoption, which is how some trends in the sector repeat from year to year with only slight changes. The industry is one of the strongest in the US and on the global level, striving to resolve some of the biggest challenges in the domain of safety, security, collaboration, management, budget, delays, and labor. Here are some of the top trends noted in construction in 2020.
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Smart Contracts in Construction
Amir Baluch MD, a Forbes council member, claims that blockchain technology may be a powerful component if used in the industry of construction. Specifically pointing out at the use of smart contracts, experts in the field state that smart contracts could improve efficiency, productivity in the general workflow in construction. Smart contracts provide a shared system to businesses and service providers with tools for payments, tracking, and making orders.
Construction Management Software
To master operational efficiency, construction companies are turning to construction management software. There are many different types of management software with various tools and features, which contractors can choose based on the specific needs of their projects. However, most contractors are looking for features that enable easy file sharing, storing documents, budgeting, HR, and payrolls, as well as tracking progress and monitoring.
Increasing Costs for Construction Materials
Not all trends are positive, which is how we arrive with the case of increasing costs for construction materials. According to the Association of General Contractors, the cost of construction materials increased by 7.4% on an annual basis as concluded in 2020. Undoubtedly, the rising costs will put additional pressure on the industry. Moreover, the association claims that positive trends that involve tech adoption can diminish some of the effects of the rising costs.
