After decades of resistance to change, the stubborn construction industry has designs on a digital transformation. The industrywide shift to improve communication efficiencies, project accuracy and delivery timelines could spell career opportunities for future-minded project managers.
“Venture capital investment in construction tech is growing exponentially, and the industry is fully ripe for disruption,” says Steve Moore, manager of scheduling and innovation support, Robins & Morton, Birmingham, Alabama, USA. “I strongly feel that prefabrication and automation are on the verge of driving a much-needed revolution in our industry.”
—Steve Moore, Robins & Morton, Birmingham, Alabama, USA
The implementation of new initiatives will only underscore the talent crunch already facing many construction companies. A shortage of construction workers is plaguing an estimated 66 percent of markets, according to the Turner & Townsend International Construction Market Survey 2019. While this shortage presents challenges for organizations, it will be a boon to experienced project managers, who will have their pick of job opportunities.
Despite the talent and tech challenges, the construction industry is still growing. Global construction output is expected to grow more than 3 percent in 2020, according to a Global-Data report. Southeast Asia has emerged as a hot spot, with an expected growth rate of 6.4 percent between 2019 and 2023. In Hong Kong, for instance, the skyline is now perpetually dotted with construction cranes. One of the latest megaprojects is the SKYCITY Aerotropolis, a major multi-use development including business, entertainment, hospitality and residential construction adjacent to the newly expanded Hong Kong International Airport.
SKYCITY in Hong Kong
IMAGES COURTESY OF THE AIRPORT AUTHORITY HONG KONG