Alt Text: Display of different coloured hard hats.
The construction industry is always evolving and 2024 was no different. Whether you’re running a small contracting business or managing large-scale projects, keeping on top of these trends can help you adapt and stay at the top of your game.
Let’s take a look at what’s happened in the industry over the last 12 months.
The rise of outsourcing.
Outsourcing in construction isn’t new, but it became even more common in 2024. Companies are relying less on direct employment and more on hiring specialised contractors and consultants like Quantity Surveyors (QS), engineers, and other professionals.
Why? It’s about flexibility and cost management. By outsourcing, companies can scale their teams up or down as needed to make sure they only pay for the time and expertise they need. For contractors, this shift means more opportunities to boost business. If you’re quick, efficient, and reliable, the work is there for the taking.
Technology takes the lead.
Every year, new advancements in technology come about. One of the big talking points this year was AI and it’s going nowhere fast but the industry is embracing these advancements to save time and boost productivity.
- Bill of Quantities in Record Time: Modern estimating tools and automated systems speed up the process like never before. What once took days can now be finished in hours.
- CRM Systems: Whether you’re a one-person operation or managing a team, having a Customer Relationship Management (CRM) system is non-negotiable. It helps you stay organised, track leads, and make sure nothing slips through the cracks.
- Marketing Matters: Construction companies are finally realising the power of marketing. Social media and email campaigns are used more and more to generate business. It’s all about engaging with potential clients where they’re already looking.
Costs, labour, and materials.
Let’s talk about the elephant in the room: rising costs.
- Labour Shortages: Ireland’s construction industry needs an additional 100,000 workers to keep up with demand. But the labour supply isn’t meeting expectations, driving up wages significantly.
- Material Prices: Material costs have stabilised compared to the pandemic days, but they’re still creeping upwards. That’s why you need to keep an eye on your pricing, or you could get caught out.
- Online Shopping: Buying materials online is becoming more common. Self-ordering systems and digital platforms make it easier for contractors to source what they need without stepping into a merchant’s yard.
Getting paid is easier.
In 2024, there’s no excuse for struggling with payment claims. Legal mechanisms like ADR (Alternative Dispute Resolution) and updates to the Construction Act are giving contractors more tools to secure payment on time.
If you’re not making use of these systems, you’re leaving money on the table. Don’t wait; make sure you have processes in place to track, claim, and follow up on payments effectively.
Conclusion
2024 has been another busy one in construction. Outsourcing is on the rise, technology is streamlining operations, and while costs are still a challenge, tools like CRMs and new payment mechanisms are helping businesses stay ahead.
Adaptability is the name of the game. By staying informed and getting on board with these changes, you can keep your business on the front foot for success in an ever-changing industry.
If you’re ready to tackle the challenges and opportunities of the modern construction landscape, contact us today. At Carroll Estimating, we’re here to help you stay ahead of the game from tender bid to final account.