Top Construction Industry Trends for Entrepreneurs

 

Construction industry trends tend to fade in and out of prominence. You need to know what you’re spending money on or what things are here to stay so you’ll know what to invest in next. These current trends will likely be prominent for many years as the construction industry pivots away from things that were impossible to sustain or unrealistic in the long term. 

Here are some things you can expect in the next few years.

1. More 3D Printing

3D printing is still a relatively new concept, even if it’s been around for a while. What started as a hobby to create small, senseless things has evolved and become more readily available to people. Many people used it for personal use in 2015 when prototypes were the most common use of 3D printing. Now, it’s more widely used in professional settings, including for construction builds.

Alongside 3D printing comes augmented reality (AR). Users can utilize AR on their devices to see something that isn’t really there, which can help with certain designs or purchases. AR is common on smartphones and will have nearly 2 billion users by 2024. 

It works well in construction because it allows people on every rung of the ladder to visualize the final product and be more on the same page than ever before. The building can be much easier with a solid visual of the final product from all angles.

2. Off-Site Construction

Modular and manufactured homes are becoming more popular than ever. Currently, around 18 million Americans live in manufactured homes. This number may continue to increase, as these houses are a more affordable option for many seeking to buy or rent. 

Manufactured homes are created off-site, then transported to their final destinations to be laid upon a foundation or basement. Modular homes are built in pieces and assembled at the destination. Because these structures aren’t built on the final home site, they’re cheaper to construct under expert supervision elsewhere.

Construction entrepreneurs with an interest in modular construction are likely to see an uptick in business opportunities as people seek efficiency and eco-friendly options. Developing expertise in this niche will serve business owners well.

3. PPE for Women

Personal protective equipment (PPE) keeps people safe. Construction teams have long been committed to hard hats, safety vests, and other equipment — but there’s more to the story as the industry grows more diverse. To work properly, PPE has to fit every worker. 

More women are entering the field, and PPE needs to be created in more varied sizes to support them. Items that are too large put people at risk of harming themselves or falling victim to accidents. PPE that fits all sizes of people will be a worthwhile investment that will lead to safer working conditions.

Women have a bright future in construction. However, in a male-dominated industry, there is always going to be room for growth and change to help welcome them into the workforce. Investing in better PPE is going to be essential for diverse teams.

4. Heated Residential Construction

The housing market is continuing to surge through 2022. The future is uncertain, but you can believe prices likely won’t lower anytime soon. Mortgage rates are also increasing as many millennials transition into purchasing their first homes.

While the housing market remains competitive, economic trends are starting to cool conditions. Inflation is up everywhere, making it harder for many people to access affordable housing. Some of the reasons for this high inflation include supply and demand problems, like the lumber shortage that has left many people unable to afford the lower supply.

As a result, home construction has seen lower numbers in the past few months, though building permits are still up year-over-year. However, since many in-progress construction projects are backlogged, there is still plenty of activity in the residential construction market.

5. Focus on Sustainability

Climate change is a big issue that many people are rallying behind. Individuals of all income levels have started altering their consumption to help build a brighter future. Sustainability is sure to be a trend cemented in society moving forward, as more people will want sustainably-built homes and offices. 

This creates ample opportunities for small business owners interested in green construction. Sustainable options are growing in popularity for residential, commercial, and industrial markets, with many construction companies shifting their focus to entirely eco-friendly offerings.

Furthermore, some of the fastest-growing construction fields for jobs lie in green buildings. Energy audits, renewable energy installation, sustainable landscaping, and other niches are gaining steam for entrepreneurs.

Construction Industry Trends This Season

Trends tend to come and go and unfortunately, there’s no foolproof way to predict which ones will stick around for very long. Still, if you look at how society pushes forward, you’ll understand that sustainability is an emerging trend that is here to stay. It will increasingly catch on as the technology becomes more affordable. 

Similarly, any movement that improves the quality of life for buyers or workers is worth investing in. You can gain a lot from focusing on the right construction trends, especially when they seem to be evolving predictably.

Need a Business loan for construction to grow? Check out Capital for Business funding solutions or apply for a business loan today.

 

Author

 

Evelyn Long is a writer and editor focused on home building and construction. She is the co-founder of Renovated, a web magazine for the home industry.

 

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