What’s Happening in the Construction & Engineering Industry?
With the implementation of new technologies, changing practices, and a shift in mindset, the engineering and construction industry faces some major changes in 2019 and beyond.
Currently, the construction industry is booming with the employment of over 7.2 million people, an all-time low unemployment rate (1.3% for engineering and 3.6% for construction), and a projected market value of $808 billion by the end of 2019.
This market is extremely competitive; some are even calling 2019 in the construction and engineering industry “The War for Talent.” The heightened competition in this field makes it hard for employers to find the best talent that will drive their company to success. Let’s take a look at the four industry trends to look out for in the second half of 2019.
Technology Might Be Changing Everything
As we all know, technology is constantly changing, affecting almost every part of our lives! As a result, today’s increase in technology directly provides career growth opportunities in the engineering and construction industry. Technology supports, rather than replaces, the industry’s talent with better tools for success. In short, technological advancements provide safer work environments, more efficient practices, and an elevated quality of work.
Technology like smart gear, drones, AI, and smart cities are taking this industry by storm. Smart gear, like connected hardhats and work boots, leads the way in safety with alternative ways to communicate, monitor, and track employees. Alongside smart gear, drones have become more popular on work sites. Within the last year, drone usage increased by 239 percent. Using drones provides a more advantageous way to look at sites, create heat maps, gather analytics, and market.
In addition, the efficiency of projects is skyrocketing with the help of technology. AI alone reduces project time and cost by as much as 15 percent! Overall, the variety and multitude of advancing technology are paving the way to the future: smart cities! These advanced cities incorporate ICT, information, and communication technologies to improve the entire city’s quality of life. Smart cities provide a better future living while also reducing waste and consumption. New York, China, and Singapore are just a few cities that have already started implementing smart city practices. Smart city spending is expected to reach $158 billion globally by 2022, and is relying on the engineering and construction industry to get there!
Software is Improving Efficiency Beyond Belief
Overall, the construction and engineering industry is thriving due to the increase in technology. The industry is facing some technological advancements related to data and software from which it won’t be able to shift away. Improvements in project management software programs make jobs more time-efficient by eliminating steps in the process. Building Information Modeling (BIM) Software and Smart Contracts are on the rise. BIM’s 3D intelligent software is making industry leaders stand out from the crowd by facilitating the entire life cycle of a project. Likewise, Smart Contracts also increase productivity by providing an all in one tracking system that keeps all the moving parts of the business operation in line.
Construction and Engineering Practices are Taking a 360
Modular and prefabricated construction is accelerating the future of the construction and engineering industry. Modular/prefabricated construction can generally be clumped together and defined as when modules of buildings are assembled off-site then brought on-site for final construction. This relatively new method in construction has significant benefits, including financial savings, time efficiency, environmental benefits, safety improvements, and project flexibility. Being overall, greener, faster, and smarter. It’s predicted that modular construction will continue to grow by 6.9 percent per year, hitting an impressive $157 billion by 2023!
Sustainability is Becoming More and More Important
In combination with updated practices and technology advancements, going green in today’s society seems easy. Consequently, green construction is the most trending topic in the construction industry. Green construction is a way of building projects in an environmentally responsible and resource-efficient way. And, the younger generation views not as an extra benefit, but as an expected standard. This industry is gearing toward renewable and sustainable practices by aiming for the Leadership in Energy and Environmental Design (LEED) Certification. This world-renowned certification provides a way to verify environmentally friendly practices through a widely recognized source. Today, companies want to obtain this certification to achieve instant recognition, increased efficiency, and decreased resources. In conclusion, it’s evident that going green truly has its perks in saving money and time in this industry.
The engineering and construction industry faces rapid growth and change in 2019, and it doesn’t seem to be stopping there! Now is the time where talent is needed the most but the most difficult to find! But, we are ready to help you find the best and most qualified talent in today’s tight labor market. Check out our job board to get your critical roles filled fast!