Not all of the trends in the construction industry are looking upwards. Increasing material costs is one of the unfortunate construction industry trends that will continue into 2019. With more temperate weather and longer daylight hours comes an increase in demand for both materials and labor, driving up the price for both. The construction industry is facing an increase in construction costs year after year, making profit margins slimmer than ever. Additionally, construction material costs are facing a year-round pricing increase, rising nearly 5% during the 2018 calendar year.
Nearly 80% of respondents to a survey in August 2017 report that firms are having difficulty filling hourly craft worker positions. With the shortage of labor and rising demand for materials, the construction industry faces an unavoidable increase in construction costs in 2020. However, firms can minimize the impact of these rising costs and maximize their profit margins by streamlining their construction processes.
There are nearly a quarter of a million unfilled construction jobs in the United States, and that number doesn’t look like it’s going to improve any time soon. The main issue with it is that there is a boom in the number of projects that need to be built, but the rate of production has slowed or stalled due to the labor shortage. Companies are turning to modular and prefabricated construction in order to make project deadlines with fewer workers, but this solution is only a temporary one to manage the dwindling number of workers.
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