In 2024, civil/heavy highway firms are navigating a landscape filled with both challenges and opportunities. This list outlines the top 10 priorities for these firms, aiming to help guide them towards efficient, profitable, and sustainable operations.
1. Sustainability
According to the US Green Building Council's 2023 report, most E&C firms surveyed prioritize sustainability, aligning it with their organizational objectives. Civil/heavy highway firms are encouraged to adopt sustainable practices, minimizing their carbon footprint and address the increasing demand for eco-friendly infrastructure.
2. Skilled Labor Shortage
The sector continues to experience a shortage of skilled labor. To address this, civil/heavy highway firms are advised to develop training programs and apprenticeships to attract and retain the necessary skilled workforce.
3. Technology Adoption
The construction industry is increasingly leveraging new technologies for enhanced efficiency and productivity. Civil/heavy highway firms should consider investing in advanced technologies such as Building Information Modeling (BIM), drones, and autonomous equipment to maintain competitiveness.
4. Enhancing Safety
Prioritizing safety is crucial for civil/heavy highway firms. Implementing stringent safety protocols and providing comprehensive training can safeguard both workers and the public.
5. Infrastructure Investment
The 2021 Infrastructure Investment and Jobs Act offers significant funding opportunities for infrastructure projects. Civil/heavy highway firms are poised to benefit from this funding,
enabling them to initiate new projects and enhance existing infrastructure.
6. Effective Financial Management Processes
Effective financial management is key to profitability. Civil/heavy highway firms should invest in construction-specific ERP software solutions, like CMiC, to manage financials and execute projects seamlessly.
7. Optimized Project Management Processes
Emphasizing project management is essential for timely project completion. Firms should utilize tools with robust financial forecasting and resource planning features.
8. Compliance-Focused Contractual Agreements
With tight operational controls in government contracts, civil/heavy highway firms must ensure compliance to avoid penalties and maintain good standing.
9. Leasing of Equipment and Tools
In response to rising construction equipment costs, civil/heavy highway firms might increasingly opt for leasing and financing options for equipment and tools.
10. Prefabrication and Modular Construction
The growing trends of prefabrication and modular construction are reshaping construction methodologies. Civil/heavy highway firms should adapt to these methods to boost efficiency and reduce expenses.