Industry Trends in Construction You Need to Watch Out For

Construction has been globally regarded as one, if not the biggest, industry in the world, making up about 13% of the global GDP. Even during the beginning of the pandemic, while so many industries worldwide were putting a stop to their operations, the construction industry continued. Even with restrictions, it flourished in Australia.

According to the Australian Industry and Skills Committee, the construction industry generates a revenue of over $360 billion, and it produces around 9% of Australia’s GDP. In the next five years, industry experts are predicting that the projected growth rate will reach 2.4%.

The majority of the businesses in the construction sector are sole traders or small trades with less than 20 employees. These businesses are primarily Australian-owned, with sales happening within the domestic market. However, most materials are imported from other parts of the world.

What important trends in the construction sector should developers and experts should watch out for in the next five years? Here are some examples.

The Growth of Virtual Environments
Over time, industries will adopt different and new types of technologies. For instance, the construction sector is projected to see an increase in virtual design and visualization involvement. When we talk about virtual design and construction, it's about using software to construct structures virtually before it was actually built physically. This is called Virtual design and construction. These technologies may range from BIM or Building Information Modeling to Construction Management Software and can be accessed using mobile devices and desktop or laptop computers.

Integration of Internet of Things
For the past several years, the construction industry has slowly gravitated towards utilizing technology to speed up construction activities. These inventions have definitely helped increase productivity, efficiency, and, most importantly, safety. Some of the most prominent influences technology has had on the industry are robotics for repetitive tasks, self-driving vehicles used for construction, drones for inspection, wearable sensors to monitor the safety of all workers, management and budgeting tools, and more. It is projected that the integration of IoT will continue and pave the way for more developments to improve activities.

Decrease in Workforce
While technology has indeed helped improve the construction sector by creating robotics to handle repetitive tasks, it has also affected the number of workers entering the industry, which could continue for the next few years. Tech is not the sole reason for this decrease. Many are discouraged by the lack of opportunities and the pay rate issues. The industry has seen an increase in demand. Unfortunately, the apparent shortage of workers poses a significant risk, especially for new companies. Laborers are the backbone of the sector, and when there are fewer workers, it could affect the industry in a big way.

New Construction Materials
There are two crucial things the construction industry needs to do in order to maximize not just the profits but also sustainability – reduce the building costs and use sustainable yet cost-effective materials. Currently, these are the materials that are on trend.

ECC or Engineered Cementitious Composite – concrete that can be bent without breaking
Engineered timber – timber that is created through bonding different types of softwood
Recycled materials – used to build structures
3D printed building materials – including walls, floors, concrete, and other essentials in construction

These trends are expected to progress in the next five years. It's exciting to see how some of these will change the course of the sector and what other trends will come up. Companies must continue to embrace the changes that will benefit the global construction and building industries.

Sources:
https://nationalindustryinsights.aisc.net.au/industries/construction
https://www.method.me/blog/how-to-get-ahead-of-construction-industry-trends/
https://explodingtopics.com/blog/construction-industry-trends