26/01/2020
Increasing Material Costs
As of October 2018, costs for construction materials have risen 7.4 percent year over year according to The Association of General Contractors. Rising interest rates are likely to compound all types of costs, resulting in further pressure on total construction. Technologies like drones, AR, and BIM will prove key to helping to maintain project volume and combat this cost pressure.
Innovative new building materials may push up costs further, even though they may ultimately provide more savings for users in the long run. Some of these innovative materials include:
Self-healing concrete
3D graphene
Transparent aluminum
Light generating concrete
Invisible solar cells
These construction industry trends are changing the business and global landscape. Rising prices, scarce skilled labor, and regulatory challenges may only become tougher over the next few years. By adopting new practices, leveraging new technologies, and investing in new projects, builders and developers can reduce risk, win more contracts, and enjoy profitability.
Overall, the outlook for the construction industry is positive. As your firm strives for greater efficiency and safety, be sure to keep up with demand by using a reliable rental equipment network with BigRentz.