Construction is a cyclical industry, so when it’s strong, it’s strong. When it’s weak, well…you get the picture. But right now, construction is in a boom period that shows no signs of slowing down anytime soon. That means 2023 construction will be exciting and full of new technology—but it may also be a bit chaotic for those who aren’t prepared. So, let’s take a look at the 2023 construction market, and what you can expect for your commercial property.
What can you expect in 2023?
The construction industry is booming. And not just in the United States and Europe, but across all continents. In fact, there are more than 10.5 million people employed by the sector in the US alone—that’s a lot of workers to keep happy!
Commercial construction and new construction booms like we are currently seeing are the ideal time to invest in the commercial property market. You should plan on getting in now if you’re interested in taking advantage of this trend by purchasing a plot of land for future development so that when prices go up later, you can sell for more than what you paid for the land initially.
But what can we expect from this industry over the next five years? Simply put: digitalization, collaboration, and simplicity. Let’s take a closer look at each of these trends individually.
The Future is Digital
As the world changes, construction will be influenced by technology. Digital technology can help improve communication and collaboration, data collection and analysis, safety and efficiency, and quality control—all areas where your business is sure to benefit. Trends for digitization in the construction industry simply can’t be ignored.
Digital technology promises many benefits for commercial property owners in 2023. But it also comes with some risks that you should consider when making decisions about the future. These risks can include data breaches, cyber-attacks, or inconvenient software bugs.
It is important for companies to be aware of these risks and take steps to mitigate. Implementation of proper security measures, regular software updates, and proper training on the use of digital technology are crucial. Furthermore, they should also build a redundancy plan in the event of technology failure.
Leonardo da Vinci once said, “Simplicity is the ultimate sophistication.” We couldn’t agree more.
The 2023 construction market will be full of complex and nuanced projects. Still, it’s important to remember that simplicity is the key to success. When considering your project, ask yourself: do you really need all those bells and whistles? Can you get away with less?
At the same time, don’t lose sight of what makes your property unique. Make sure that any additions or changes incorporate elements from your existing brand identity while still serving their purpose. While building an addition onto an existing structure might seem like a straightforward solution for expanding office space, it may not be worth the investment if there aren’t enough employees to fill it.
Collaboration is a crucial part of the construction process. It allows for a smooth and effective flow of communication between all parties involved. As a contractor, you will be working with your clients, subcontractors, and other trades to ensure success for the project.
The first step towards successful collaboration is making sure everyone understands what they need to do. For example, if there’s an issue with a particular room in your office building then it’s important that everyone knows how that room should look once it’s finished so there are no surprises later down the road (and therefore no extra costs).
Souder Brothers Construction Inc., achieves this through open communications. Hosting regular meetings about upcoming projects is key to success. In these meeting, ensure every decision maker has an opportunity to speak. As a full-service design-build company, our departments work together to bring your vision to reality.
Construction is back, Build with Souder Brothers Construction Inc.
The construction industry is on the rise and it’s not going anywhere. The 2023 construction market is back on track to becoming one of the most important parts of North America’s economy.
What we’ve learned from the past decade is that construction continues to be a powerful force in modern society. While it has had its ups and downs, it’s clear that construction professionals are not going anywhere anytime soon. Construction has become an integral part of our lives.