In addition, rising trends in construction technology, including software such as digital asset management (DAM), such as OpenAsset, are streamlining project workflows and improving collaboration through the efficient management and exchange of digital assets. As the construction industry evolves, the role of private capital is likely to grow, driving innovation and sustainability by harnessing financial resources, expertise and networks. The implementation of advanced technology is aimed at transforming the construction landscape and boosting the growth and sustainability of the sector. Safety has always been a priority in the construction industry, but in 2024, more emphasis will be placed on implementing advanced safety measures. Traditionally cautious about adopting new construction technologies, the construction industry is increasingly changing the way it thinks.
Almost a quarter of construction workers are over 55 years old, and few young people are engaged in this profession. The U.S. government is also prioritizing sustainable construction through the federal Buy Clean initiative. Whether negotiating prices with suppliers or automating sales workflows, construction companies must prioritize efficiency and cost savings.
Because of this, more than 90% of single-family home builders said they used some form of energy efficiency practices in the construction of at least some of their buildings. Therefore, construction companies must carefully analyze areas that can be improved for better results. The construction inputs that registered the highest price increases were diesel fuel (twice as much as in June 2002), asphalt roofing products (22% more than the previous year) and plastic construction products (up 27% year-on-year). In addition, research indicates that integrating augmented reality (AR) into construction planning can significantly reduce errors by 90% and considerably increase efficiency by 30%.
The focus on construction oversight reflects a broader shift toward greater efficiency, safety and sustainability in the construction industry. Virtual design and construction (VDC) describes the increasing use of virtual environments to design and visualize the construction of structures before they are actually built in the physical world. In combination with modular construction and prefabrication, BIM constantly helps construction companies maintain their budgets and meet tight construction deadlines.
