After the devastating recession in 2008, more businesses are starting to recover. While industries of all types have seen growth and steady movement, the construction industry has been a slow one to adapt to the technological advancements that shape our workforce and our nation. In addition, other challenges such as finding qualified workers to supplement the work has been a pain point for the construction industry. As we explore the four new trends that are changing the face of the construction industry as we know it, ensure your operation is secured with a Delaware Construction Insurance Program.
The changing market.
According to the World Economic Forum report, “Shaping the Future of Construction: A Breakthrough in Mindset and Technology,”, 65 percent of the construction industry’s growth over the next 10 years will be taking place in emerging economies. In order to build and maintain a global infrastructure, $1 trillion will need to be invested.
The need for resilience.
Especially with so many global catastrophes, the construction industry must be resilient in order to meet the challenge. Repairing and securing existing buildings are two critical components of the construction industry.
A lack of qualified workers.
As many workers retired or quit during the recession, finding qualified candidates for the construction industry has been a significant challenge. Especially with so many workers going into other competing industries, such as IT, recruiting and maintaining a workforce has proven to be difficult to sustain.
According to the report, $1.2 trillion in infrastructure could be added by 2030 if all countries committed to specific time limits for approvals, and if the construction industry speeds up its slow permit and approval process, says the article. The approval process is intricate and time-consuming.
At IFS Insurance, we specialize in protecting business likes yours throughout Delaware, New Jersey, Pennsylvania, and Maryland. Our quality solutions and commitment to excellence has allowed us to serve these states for over 50 years. For more information about our products, we invite you to contact us today at (855) 259-2428.