New technology can help build homes faster regardless of the size of your crew
Time is money, and this age-old adage is particularly true in the building industry. A delay in the construction process can have far-reaching consequences, including everything from disgruntled clients and the resultant negative word-of-mouth marketing, all the way up to a costly lawsuit for delay of use damages.
Unforeseen construction delays cut into profit and challenge a builder’s ability to move on to the next project, creating a chain reaction of frustration and bad timing. As a result, the construction industry has had to get creative when it comes to avoiding delays and protecting their profit.
Deconstructing the present
Although there are many contributing factors to construction delays, one obvious issue is the shortage of labor in the home-building industry. It’s becoming more and more of a challenge to recruit young workers, which is causing a widespread ripple effect of a reduction in the workforce.
According to stats provided by Realtor.com, workers in the construction industry who are 24 years old or younger has decreased in 48 states since 2005 – which equals a significant 30 percent decline from 2005 to 2016.
According to the National Association of Home Builders, building a house in 2017 took two weeks longer than in 2015. Although it seems like advancements in technology would help shorten the length of time needed to build a house, that doesn’t appear to be the case so far; however, new innovations in the home-building industry are working toward streamlining the construction process regardless of extenuating circumstances involving the workforce.
Building a better future
Building product manufacturers recognize the challenges facing homebuilders and work on providing products that will increase efficiency and productivity. Historically, the construction industry has been slow to adopt new technology or construction methods, but building better homes in less time and with bigger profits provides an incentive to learn more about the evolution of the tools of their trade. Developments that will reduce the overall time spent on constructing a property include:
- Multi-purpose solutions: Eliminating cumbersome steps of the house-building process is a key step in streamlining work and minimizing the reliance on labor. For instance, traditionally, a team of two or more would have to roll out and install house wrap. However, an affordable new code compliant, a tape-and-panel method called Eclipse Weather Resistant Barrier combines house wrap, reflective insulation, and OSB sheathing Barrier, and helps conserve time and energy without sacrificing quality.
- Modular construction: Building offsite and assembling at your location isn’t a new idea. However, it is one that is being rapidly improved upon. Modular construction limits environmental disruption and the impact of construction, noise pollution, and traffic to a local area while involving fewer vehicle movements and less waste. A Chinese developer called Broad Sustainable Building was able to construct a 57-story skyscraper in an incredible 19 days by utilizing modular construction methods.
- Predictive analytics: The ability to assess and manage risk can greatly affect the success of a project, and ultimately, of your business. Predictive analytics, as used in the BIM 360 Project IQ program, analyze data from various sources including subcontractors, design plans, vendors, and the site itself to assess risk factors based on historical data. General Contractors can review the reports to identify which areas of the project require the most attention, and provides warnings of potential pitfalls with enough notice to mediate risks before they become a problem.
- 3D printing: 3D printing is the newest technology that is the most likely to revolutionize the construction industry. 3D construction printers can produce everything from individual bricks to complete houses in a record amount of time, using a combination of robotics and concrete. The concrete 3D printing market is still in its infancy but growing rapidly, and is expected to reach $56.4 million in 2021.
Although the construction process is currently experiencing an awkward stage akin to growing pains as it recalibrates to adjust to recent challenges including a labor shortage, advancements in technology are surpassing all traditional abilities and expectations.
It can be intimidating to consider new processes and learn new equipment, however, a willingness to invest in and adopt new methods may set you apart from the competition in a way that enables the growth and profit that will ensure the success of your construction company and solidify your future in the home-building industry.
At No Boundaries Advisors, we can help with strategic planning and advisory services and can point you in the direction of success and growth for your business. Contact us today to learn more about how we can improve your daily operations.
