Significant Digital Transformation Underway as Research on U.S. and Canadian Construction Sector Suggests a Data-driven Future
22 Junho 2023 - 9:05AM
Business Wire
Research reveals 90% of respondents confident
about industry conditions over the next 12 months
Procore Technologies, Inc., a leading global provider of
construction management software, released its construction
industry benchmark report How We Build Now: Technology and Industry
Trends Shaping U.S. and Canadian Construction. Procore partnered
with Censuswide to investigate how general contractors, business
owners and specialty contractors view the industry today.
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the full release here:
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Confidence around construction industry
market conditions (Graphic: Business Wire)
Gathering insights from more than 1,000 construction
professionals, the report examines the current construction climate
in the U.S. and Canada, the digital maturity and adoption of
construction technologies, as well as the most pressing challenges
and opportunities presented by the skilled workforce shortage.
"We are excited to unveil this comprehensive industry report,
which sheds light on key trends and insights shaping the future of
our industry," said Anthony Frattali, head of region, North
America, Procore. "With this report, we aim to empower industry
stakeholders with valuable knowledge and actionable strategies to
thrive in the evolving construction landscape.”
Construction Industry Remains Optimistic
Construction leaders are optimistic as they look towards the
next 12 months with 90% of respondents stating they are confident
about industry conditions. Despite persistent challenges such as
the increasing cost of materials and supply chain issues, 74% of
respondents expect the number and value of projects completed by
their organization to increase in the coming year.
The rising cost of materials and supply chain disruptions have
spawned economic headwinds, impacting margins and profitability.
Approximately 33% of general contractors and specialty contractors
report that volatile material costs have eroded their profit
margins, while 38% of owners indicate higher project costs as a
result of these fluctuations.
Current State of Digital Transformation
There is significant digital transformation underway in both
markets, led by owners. Approximately one in four (27%) owners
consider themselves to be a digital-first business and roughly two
in five (44%) owners say they are well on their way to adopting
digital formats and workflows.
This high level of digital adoption by owners contrasts with
the state and speed of digital transformation in the rest of the
construction sector. Approximately one in three general contractors
(30%) and specialty contractors (32%) are either just starting out
or have not yet started on their digital transformation
journey.
Construction decision makers recognize that technology provides
benefits, particularly early on during planning and preconstruction
stages of a project. Respondents (32%) selected preconstruction as
one of the top choices for improving productivity and profitability
within their business. Adopting a construction management platform
can play a major role in making this a reality – helping unify
teams, reduce project risks and establish realistic budgets.
Embracing Data as a Competitive Advantage
Construction businesses are realizing the benefits of efficient
data management, with 43% of respondents stating they would make
better decisions if they had greater access to real time and
historic information on project performance. Additional data
insights include:
- 45% of respondents indicated that they have a foundation to
learn from data but without a dedicated data team
- 21% noted that their data mostly exists in spreadsheets or
paper
- 26% have highly data-driven decision making facilitated by
dedicated data teams
“Data can help the industry gain never-before-seen insights,
promote better decision making and create a culture of safety and
well-being for their teams,” said Anthony Frattali, head of region,
North America, Procore. “Better access to real-time and historic
data means that organizations can work proactively instead of
reactively. As the industry continues to transform, data will be
paramount to driving innovation, improving efficiency and achieving
sustainable growth."
Labor Shortage Remains Key Concern
Respondents consider hiring and retaining skilled labor as one
of the top challenges they expect to face over the next 12 months.
In fact, nearly 29% of respondents have been unable to take on more
projects in the past three to six months due to labor
shortages.
A total of 30% of respondents express concerns that some of
their most experienced employees will retire within the next few
years, resulting in the loss of valuable knowledge. Despite these
challenges, respondents are optimistic about the future. 84% of
those surveyed express confidence in having enough workers with the
right skills to meet their organizational needs in the next 12
months.
Additional highlights from the report include:
- Improving payment processes is a necessity – Over half
(55%) of respondents feel the industry can do a better job of
leveraging existing data to simplify payments and improve insurance
programs.
- Leveraging modern approaches to drive sustainability –
Overall, the industry is eager to adopt more
environmentally-conscious and sustainable building practices.
Approximately one in two (50%) respondents report focusing on
strategies like prefabrication and improved material selection in
order to reduce the carbon footprint of projects.
- Workplace diversity and inclusion in construction –
Organizations are placing greater emphasis on workforce wellbeing
through fostering an inclusive, diverse and safe environment. 45%
of respondents have a diversity and inclusion policy in place
already, and 43% plan to implement one in the next 12 months.
Download How We Build Now: Technology and Industry Trends
Shaping U.S and Canadian Construction here.
About Procore
Procore Technologies, Inc. (NYSE: PCOR) creates software for
people who build the world. With a focus on providing timely and
accurate data for all, Procore transforms the construction industry
one project at a time - from hospitals and skyscrapers to airports
and stadiums. Beyond its connected, innovative technology, Procore
empowers the industry and its communities through Procore.org. For
more information, visit www.procore.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230622338777/en/
Andee Brooker press@procore.com
Procore Technologies (NYSE:PCOR)
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