At Silvaris, we're not just observers of the construction industry; we're active participants, constantly tracking and adapting to emerging trends. Looking at 2023, we see several key trends that are shaping the industry's landscape.
Rising costs and labor shortages
The year has kicked off with a robust start for the construction industry, but it's not without challenges. Rising costs and labor shortages are significant hurdles. However, legislative measures like the Infrastructure Investment and Jobs Act and the CHIPS and Science Act of 2022 are expected to bolster the nonresidential segment. Conversely, residential construction firms express a more cautious outlook for the year ahead.
Technological advancements are enhancing safety and productivity, with the industry embracing digitization. Tools like the Internet of Things (IoT) are revolutionizing operations, enabling construction companies to measure job site safety and perform data collection through drones, robots, and laser scanning.
The virtual construction market is experiencing rapid growth. Innovations like Building Information Modeling (BIM) and improved Construction Management Software are helping contractors build more efficiently, saving time and resources.
Prefabrication and modular construction are gaining traction, offering cost reductions, accelerated project schedules, waste reduction, and increased worker safety. The global modular construction market is projected to grow to $108.8 billion by 2025.
Prefabrication and modular construction are recognized for their environmental friendliness. Modern prefabrication materials often use eco-friendly or recycled matter, reducing the overall ecological footprint. The manufacturing process also results in minimal construction waste, contributing to a more sustainable construction industry, which we very much support.
The construction industry, like many others, has been grappling with significant supply chain disruptions. These challenges, ranging from labor shortages to transportation difficulties and extreme weather events, have had a profound impact on the availability and cost of construction materials. However, the industry is adapting and finding innovative solutions to these issues.
One of the key challenges has been the unpredictability of supply chains. Rising fuel costs, labor shortages and extreme weather events have all contributed to the disruption of the construction materials supply chain. For instance, labor shortages have not only affected the availability of construction materials but have also resulted in trade partners being more selective in the projects they choose to work on.
Your partner in problem solving
At Silvaris, we actively monitor trends and situations. We understand the importance of providing building materials that meet your needs. We actively monitor our robust and reliable supply chain for our customers and are committed to finding innovative solutions.
As your partner, we're dedicated to navigating these trends and challenges together, ensuring that we continue to deliver the quality, reliability and exceptional customer service you've come to expect from us.