As the construction industry faces 2021, Dino Tomassetti, Jr. shares his insights on construction trends to keep an eye out for.
An opportunity for general contractors to hone their skills
With the market getting much more competitive for subcontractors, general contractors may need to self-perform a lot of work they would normally sub out, and build those capabilities in-house.
In the previous year, general contractors have learned to pivot from project to project. In addition to that, they have also learned to flip the script and limit their risks by handling more work in-house.
Another huge benefit for general contractors who are self-performing is, of course, the reduced expenses that otherwise would have been spent on hiring subcontractors.
A better year for workers
Experts predict that sometime in 2021, when the coronavirus is controlled, projects that were put on hold the previous year will start back up – and that’s good news for contractors and workers alike.
While experienced superintendents and estimators are still in high demand, skilled workers whose careers were put on hold in 2020 will most likely be part of the workforce once more, especially toward the latter part of the year.
Another good sign is that nonresidential construction has started regaining jobs it lost from when the pandemic started. And with an increase in demand for projects in 2021, contractors may expect the need to increase staffing once more.
An increase in the number of projects
As mentioned earlier, there will be an increase in the number of projects in 2021. In fact, it may already be happening on the private side.
Across the country, many companies have been looking to bounce back from 2020, and are already calling and expressing interest in expanding offices in tertiary markets away from where their headquarters are in densely populated cities. A lot of businesses are also looking to build manufacturing and distribution facilities, to help alleviate some of the vulnerabilities the pandemic brought to light in their supply chain.
A renewed focus on the environment
Perhaps one of the best things everyone can look forward to is a renewed focus on the environment. More and more companies are adopting the “cleaner energy future” mission, and contractors can expect that these requirements will be part of future projects.
It also serves as a noble challenge for contractors everywhere to rise to the occasion and improve energy usage. Construction companies that build capabilities to support green building standards and sustainable efforts by their clients are most likely going to be in a position to thrive.
Dino Tomassetti, Jr. is a successful real estate developer who started in construction. He has completed several construction projects and has expanded his portfolio to include some of the most high-profile developments in the New York Metropolitan Area. His new company, Asset Realty & Construction Group, Inc., benefits from his construction and real estate expertise. For similar reads, click here.