While reports of construction sites being closed due to the COVID-19 pandemic and its associated economic downturn, some companies in the industries that support construction are stepping up to help. Software companies that specialize in construction are among those that are helping their clients to smooth out the path to maintaining employee proficiency while working at home or providing companies with software to make the slowdown less tragic to the company success. One company in the latter category is BuildBook. The owner’s family is in the custom home construction field, so it has a front row seat to what this situation is doing to the industry. Given that many states have mandated that small businesses (including construction) stop working and their employees stay indoors, this is an unprecedented disruption.
Today, construction companies can tap into an arsenal of tools and technologies to help perform work in a way that is productive and safe. Technology companies continue to come to market with new products aimed at improving business processes. Here’s a closer look at some of the new products and platforms on the market today. Modeling Moves Forward BIM (building information modeling) continues to advances, offering construction professionals the ability to use technology to improve business processes. One area in particular that is seeing an infusion of new capabilities is 4D modeling.
From March 10-14, manufacturers and construction professionals gathered at CONEXPO-CON/AGG 2020 to learn about the latest in equipment. Multiple construction and construction materials industry segments were represented. Here’s what you might have missed.
To capture data, AOMS Technologies, Toronto, Canada, developed sensors that can transmit wirelessly, in realtime, even while buried in the concrete with the help of MultiTech Conduit. In today’s ever-changing environment, building a strong concrete foundation requires monitoring everything about the material. Elements such as the concrete’s temperature, strength, relative humidity and evaporation rate all require consistent tracking and monitoring to make it right. The latest approach is to use embedded sensors, constantly monitoring the necessary parameters and sending the data via wireless technology to cellphones and tablets used by the construction crew.
A report points to U.S. and Canada commercial and residential construction continues to grow through 2023. Research and Market’s Global Construction Industry Data Book Series predicts a CAGR (compound annual growth rate) 6.5% to reach $10,835.6 billion by 2023. For comparison, the residential construction industry, in value terms, increased at a CAGR of 6.1% during 2014-2018. The commercial building construction market is expected to record a CAGR of 8% during the period between 2014-2023. Infrastructure construction was estimated to be $2,366.4 billion in 2018, posting a CAGR of 3.9% during the review period.
After the U.S. pulled out of the Paris Climate Agreement, news about what other signatories are doing to mitigate the impact of construction on the environment has been sporadic at best. A recent series of actions by one EU (European Union) construction firms, VINCI of France, shows how the Continent is responding. For VINCI, 2019 was devoted to identifying actions to improve the Group's environmental performance in three areas: greenhouse gas emissions, resource preservation, and conservation of natural environments. The various divisions and operating companies determined to reach carbon neutrality in 2050, with a first milestone of a 40% reduction in CO2 emissions by 2030 (compared to 2018).
Electric trucks are both here and coming. Companies devoted to the truck-side of EV (electric vehicle) development are proliferating while their designs are more and more advanced, both from an engineering and aesthetic point of view. From compact urban to huge over-the-road semi tractors, EVs will soon show up on jobsites around the world, as delivery vehicles or worker’s transportation. The medium and heavy-duty truck market is evolving. In the face of tightening CO2 emission legislation for new trucks and increasing pressure to limit people's exposure to hazardous air pollutants in city centers, a much cleaner source of power is required in the future. According to a report from IDTechEx, The future is either battery-electric or fuel cell electric vehicles.
Insurance companies become more important to contractors through partnerships. For example, National General Insurance Group (NatGen), providing expertise in high-net-worth insurance underwriting and claims, formed a partnership with CORE Group. CORE Group is a network of repair experts serving the same market This alliance gives NatGen Premier policyholders access to CORE’s restoration service providers should their home suffer property damage of any kind. CORE contractors meet the industry standards needed to perform the work, and are experienced, insured and fully vetted.
Smart is a word in transition. Once almost exclusively applied to human (and some animal) intelligence, today everything and anything is called “smart.” With the growing field of AI (artificial or augmented intelligence) predicting self-learning inanimate objects, smart might be a minimum term with genius close behind. Favorable conditions are expected throughout 2020, but supply is not meeting demand, according to NAR. Overall, the association forecasts 2.0% GDP (gross domestic product) growth, a 3.7% unemployment rate and a 3.8% average mortgage rate in 2020. Home prices are projected to rise by 3.6% in 2020 after a 5% gain in 2019.
PVC (poly vinyl chloride) pipe has many uses in new construction and renovation. So many that the market looks promising with opportunities in residential, industrial, and commercial construction. CAGR (compound annual growth rate) of 5.8% from 2019 to 2024. The major drivers for this market are growth in residential and non-residential construction and replacement of aging pipelines. Favorable conditions are expected throughout 2020, but supply is not meeting demand, according to NAR. Overall, the association forecasts 2.0% GDP (gross domestic product) growth, a 3.7% unemployment rate and a 3.8% average mortgage rate in 2020. Home prices are projected to rise by 3.6% in 2020 after a 5% gain in 2019.