Construction Business One Year Post-Pandemic

construction industry

Of the key economic indicators for our country, housing starts are a leading indicator. Housing starts are sensitive to mortgage rates, which are affected by interest rates, so they represent about 4% of annual gross domestic product (GDP). The industry itself and your construction business are considered economic activities.

What’s Changed, Unchanged In 1 Year: Construction Business

The pandemic has had a lasting impact on how we live, socialize, and work. But we’re nothing if not adaptable. What has changed the construction industry since 2020?

  • Architectural design – This may be the most lasting change we’ll see. Commercial construction has altered itself to accommodate safety for traditional gathering spaces. Plan on better air filtration systems and adaptable, modular construction that limits contact.
  • Education – Online classes are zooming (bad pun intended) but there’s no replacement for hands-on training in a hands-on industry. Safer classroom layouts and mask-wearing have helped as well as virtual testing with remote proctoring.
  • Safety – The virus added “new considerations” to safety protocol, says the National Center for Construction Education & Research (NCCER). We added masks as ongoing PPE (personal protective equipment).
  • Scheduling – Staggered shifts to accommodate fewer onsite employees have proven beneficial.

The shortage of skilled workers (“talent”) in the construction business hasn’t changed. One of the factors was the exodus of Baby Boomers from the workforce. And now, Gen-Xers (born between 1965-1979/80) are approaching retirement. The pandemic only exacerbated our worker shortage.

The average age of a craft professional
is between 48-52 years old.
Jonathan Arnholz

You need to consider employment incentives and marketing strategies to attract and retain talent to your construction business:

  • Create a positive workplace culture.
  • Develop a formal mentorship program.
  • Foster teamwork; camaraderie.
  • Include employees in the decision-making process.

Involving employees in company business is another strategy that makes sense. Every time you say, “I don’t have time…,” delegate that responsibility to an employee.

You don’t have time to sort building permit data and we do. But if analyzing that data for business development is also a time challenge, consider employee options. Because construction is an essential industry and critical to our economy, keeping it healthy just makes sense. The process begins with you.

Contact Construction Monitor for ideas.

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