Some trends in construction that shaped the industry in 2019 or were announcing the potential to contribute to the development of construction are still shaping the sector in 2020. Tech innovations and potential tech adoptions that are still used only by a handful of companies in construction are still reshaping the industry as we know it. Some trends are concerning and appear to be there to stay for some time and throughout the year 2020, like shortage of labor for instance. A combination of positive and negative trends in construction, here is what 2020 looks like for the industry.
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Negative Construction Trends in 2020
Talking about negatives, the industry of construction is still facing some old issues that don’t seem to provide any relief for construction companies and contractors. The industry is still suffering due to a shortage of labor as well as the rising costs of construction. The rising costs go hand in hand with the labor shortage as the general demand for construction workers in the US is still on the rise. Construction costs might deflate at the end of the year, however, 2020 is still defined by the shortage of labor and the rising prices for construction projects. A good part of the first quarter of 2020 was marked by a halt in construction, which may define profits for 2020 in the industry.
Positive Construction Trends in 2020
On the positive side, construction is still one of the biggest industries in the US and beyond and is managing to survive and bring profit even with halts and amidst the crisis. As a positive trend, more construction companies are adopting tech integrations and digitization, leading to more automation in the overall process of construction. Increased level of automation means more productivity and improved efficiency. Altogether, tech adoption and digitization mean more profit as a consequence due to increased efficiency and efficacy in construction.
