Annually, the U.S. spends around $450 billion on infrastructure, only 2.3% of U.S GDP, far below the 5% of European countries’ GDPs. The U.S. needs over $2 trillion of infrastructure investment by 2030 just to keep pace with the country’s economic activity.
COVID-19 has dominated our attention for an entire year. It gave us previously unheard-of challenges in the construction industry. It forced us to work differently; maybe forever.
The pandemic may have also drawn attention away from some critical problems our country was facing, including this one: The U.S. is falling behind developed countries in infrastructure spending.
Technology Key to U.S. Lagging Infrastructure Construction Trends
If infrastructure investment could increase, its positive impact on our economy and the construction industry would make for a much happier new year. Infrastructure industries include:
- Real estate
Gasparro says investment in technologies could increase infrastructure project profits by 10%. Here’s what we need more of for 2021:
- Climate-change and pandemic impacts on construction trends – Be prepared to develop:
- Car-free zones
- Dedicated bike paths
- Larger public spaces
- Renewable energy sources
- Wider sidewalks
- Construction technology – Construction trends are technology-driven with:
- 3D printing/blueprints
- 4D/5D simulation project plans
- Building information modeling (BIM)
- Drone surveying
- Materials tracking software
- …and much, much more
- Organizational technology – Construction trends toward energy conservation, economic growth, and societal safety are being incorporated into construction industry best practices. Jobsite management will use software to see where workers and materials are, real-time, and avoid potential health exposures or materials logjams.
- Supply chain solutions – It’s time to rebuild inventory and secure materials. Examine supplier sources to find alternatives to critical material shortages.
Staying in business isn’t easy when it’s a jungle out there. But you can cut through the tangle of obstacles and setbacks with the right strategy. Construction Monitor has been in business since 1989. We haven’t seen it all, but we’ve seen a lot of construction trends come and go.
Ask us how we can give you the data tools you need to get beyond survival and into profits. Contact Construction Monitor today.