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Two Construction Trends to Consider for 2016

ONE

Despite a weak global economy, the experts still anticipate the U.S. construction industry will continue its solid economic recovery into 2016. What’s more, non-residential construction has been predicted to increase 7.4%. While this means business will be booming, it doesn’t mean it won’t present its own set of challenges. For instance, if everything pans out as expected, there could be a skills shortage in key industries. So as things heat up, what can you do to prepare? We say…

Get your ducks in a row now.
 

Whether you’re a subcontractor looking to work with new general contractors or a GC looking to expand your network, we encourage you to continue building relationships that can help you down the line. Having the right partnerships could be the difference between success when there are less options available and losing business because you can’t get adequate bid coverage. It might be worth your time to consider construction software solutions, like GradeBeam, which make it incredibly easy to find and evaluate partnerships, and easily send and receive invitations to bid on projects.


TWO

Another factor to consider when you’re getting your ducks in a row, is prequalification. Some industry observers believe that nearly 50% are still using a manual process and another 14% don’t bother with prequalification at all – so if you look at the overall trend, less companies are using custom solutions or construction software to get a leg up on qualifying subcontractors. These types of solutions are proactive risk prevention, and oftentimes, unfortunately, the value isn’t clear until it’s too late. We say… 


Allocate resources to preventative measures.
 

Believe it or not, a lot of the issues that arise during the project lifecycle could be mitigated or even completely eliminated with a little proactive action. For instance, understanding the true financial picture of your potential business partners could save you from digging yourself out of a hole down the line. We understand that everyone’s bandwidth is already stretched pretty thin, but the effort will be worth it when you see the positive impact it makes on your business. If you look at the statistics, making this one change puts you ahead of 50% of your competition, and we like those odds!

 

2016 is revving up to be a big year, are you ready?

 

Interested in learning more?

 

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