Advances in technology, workforce shifts and shortages, as well as increasing global competition concern construction industry leaders on both sides of
Advances in technology, workforce shifts and shortages, as well as increasing global competition concern construction industry leaders on both sides of the Atlantic, according to the Key Trends in the European and U.S. Construction Marketplace SmartMarket Report. The McGraw-Hill Construction report also emphasizes the driving influence of governance and legislation, environmental pressures, global finance, new procurement methods, and increasing cost of materials. SmartMarket authors explore how those trends are shaping what they cite as an interconnected construction marketplace.
Construction activities are becoming increasingly global, says McGraw-Hill Construction’s Harvey Bernstein, vice president, Industry Analytics, Alliances and Strategic Initiatives. The financial and building trends in one country are largely impacted by social and political events in other areas of the world. It is important that we understand these trends and how they will impact work today and in the future.
McGraw-Hill Construction produced the report in partnership with the Innovative Construction Research Centre at the University of Reading, U.K. The authors underscore the relevance of the findings, given the impact construction has on the economies of the world, averaging 10 percent across the globe.
Other major findings of the report include: 1) emerging and transitioning economies are fast becoming attractive building markets as well as formidable foreign competitors; 2) materials prices are continuing to escalate, placing a growing pressure on project costs and encouraging the shift to alternative materials; 3) construction industry leaders in Europe and the U.S., sharing concerns about the global workforce shortage, expect the situation to worsen in the next five to seven years; and, 4) the market for green building is significant and growing rapidly in both regions, thanks to supportive legislation, market differentiation, and the growing pressure of global competition. Copies of the report can be ordered through www.analyticsstore.construction.com.