Which are the Major Challenges Facing the Construction Industry?

While construction remains as one of the largest and rapidly growing industries today, it also has its unique set of obstacles. The challenges may vary from one region to another but, there are also certain key obstacles experienced across the board. The following are some of the major challenges facing the construction industry. 

Shortage of Labor 

The past recession saw the construction industry lose more than 2 million jobs, which it has not been able to recover until today. Due to the time-sensitive nature of construction projects, the labor shortage is a big problem that further causes project delays and additional expenditure. On the other hand, labor shortages also make it hard for contractors to find the right talents that can deliver quality work. 

Safety 

Safety in construction sites is a challenge that has continued to plague the industry for decades. The safety concerns mainly revolve around training construction workers on safety measures, provision of safety equipment and gear, and ensuring worksites are free of safety hazards. Besides, contractors should also have the proper insurance to cover their workers and machinery against common risks in construction sites. Safety issues can be major financial deficits, resulting in lost wages, delays, and even lawsuits in worst cases. 

Rising Costs of Building Materials 

The prices of land and raw construction materials have continued to skyrocket over the past years, creating a significant obstacle to small construction companies and individuals looking to build new homes. Besides, some natural disasters can also interfere with supply lines, causing a huge demand for construction materials that hikes the prices. 

Apart from the above challenges, technology is also another element that has continued to disrupt the construction industry. The adoption of technology in the construction sector has been quite slow with most subcontractors still not sure of how to utilize it. Nevertheless, finding better ways to navigate those challenges should be the main focus of every builder that seeks to acquire a competitive edge in the constantly changing construction industry.