ConstructConnect Blog

When you’re in the construction technology industry, it’s important to invest in both your people and their passions—and it’s a win-win when those efforts benefit all involved.

The construction industry gets perennially dinged for being too slow to innovate and adapt to new technology. This trend appears to be changing as more construction firms are realizing the value and benefit of adopting new technology. Not only is it a great way to step up their tech game, but it can also help them to attract and retain the next generation of workers. 

When it comes to investing its hard-earned dollars in technology, you can’t say the construction industry hasn't been consistent. As in recent years, the 2018 JBKnowledge Construction Technology Report found that construction firms are still investing less than 1% of annual sales volume in technology.

If the construction industry is anything—it’s consistent. For roughly 20 straight years, the industry has racked up the “least improved” award for having the lowest annual productivity gains globally of any industry. This means construction is still way less productive now than it was in 1995, according to a 2017 McKinsey Global Institute (MGI) study.

General contractors and subcontractors are facing a mixed bag these days. On the one hand, they’re experiencing strong, even record demand with backlogs averaging over nine months. But the volatile nature of rising material prices, fueled by tariffs and trade tensions, has dampened some of this enthusiasm.

Whether in the concrete or walls and ceilings trade, most small contractors are on the hunt for their next project. With razor-thin profit margins and competitors popping up overnight, it’s easy for contractors to lose sleep as they struggle to stay in the game and grow their business.