CMiC conducted a survey which explores the top challenges and opportunities facing construction industry leaders in 2024. The results highlight the industry's position at a digital turning point, and how this impacts financial health, risk mitigation, workforce retention, and professional development within the industry.
CMiC collected responses from over 550 decision-makers working in the construction industry (between February and March 2024). These decision-makers included general contractors, specialty contractors, owners and developers, civil-heavy highway subcontractors, architects, engineers, as well as others.
Key findings from the report are as follows:
91% say the financial health of their business is average or above average despite challenges with cash flow management, risk management, and other factors.
78% of respondents are confident their workforce is properly skilled for the future of construction in the next ten years, closing the generational skill gap is critical to ensuring talent development, progress and collaboration.
80% of construction decision-makers plan to undergo a digital transformation project within the next 12 months and are open to the incorporation of AI in the industry.
86% of respondents recognize the positive impact sustainability has on revenue, reputation, and relationships.
At the highest level, this research reinforces the role that technology will play to propel the construction industry forward.
“In the digital age, construction leaders must ensure their teams are nimble and able to adapt to external factors while ensuring projects are completed on time and on budget,” says Jonathan U. Dougherty, PhD, AEC industry thought leader and Vice President, Strategic Initiatives at Providence Engineering. “As evidenced by the survey’s findings, the time for digital transformation is now, and firms that effectively tailor their business operations will be better positioned to meet the rising demands of clients and navigate through the challenges facing organizations today.”
What becomes increasingly clear is that construction firms will continue to work towards becoming early adopters and champions of new technology going forward.