10 Construction Industry Trends You Should Know for 2016

Analysts have high hopes for the construction industry this year, with the value of construction reaching an estimated $712 billion. We’ve summarized what the experts are sharing below. Check out the full article here.

1. Skilled labor shortage will continue to effect construction companies. A signigficant number of employees who left the industry during the recession never returned, causing companies to struggle to properly staff teams, even today.
2. Offsite construction methods will grow in popularity. Companies will turn to offsite, or prefabricated construction to save time and money.
3. Construction companies will be more selective about projects. The labor shortage has forced employers to be more cautious with the number and size of projects they can take on at once.
4. Building Information Modeling will become a necessity. BIM, or the process of generating digital representations of physical and functional characteristics, will make collaboration easier and provide more accurate project documentation.
5. Green building will grow both commercially and residentially. As construction projects grow larger, companies continue to aim for LEED certification, even if it’s not prescribed.
6. Jobsite accidents and criminal indictments are on the rise. Safety organizations such as OSHA will increase fines issued this year to prevent wrongdoing and unsafe practices.
7. Multifamily sector will slow as single-family sector picks up steam. The single-family sector is expected to pick up steam and see a strong year. In its 2016 Construction Outlook, Dodge Data predicted single-family construction will see a 20% increase in starts this year, while multifamily is expected to post a 7% gain after several years of double-digit increases.
8. Laser scanning technology will become more popular. 3-D laser technology will grow in popularity, providing contractors with more information about conditions that couldn’t previously be determined.
9. Luxury remolding will have a strong year. Growth in home improvement spending is outpacing increases in overall spending.
10. Homebuyers will seek out simple, walkable communities. Design elements such as access to public transportation, multi-generational housing, walkable neighborhood and mixed-used facilities dominate homeowner preferences.