When the economy first took its hit in 2007, many people referred to it as the “Perfect Storm” because it came in quick, took contractors out like small boats and unraveled some of the weaknesses of the construction industry, including that our country was being overbuilt and oversold. And as we have moved throughout the years watching the economy slowly rebuild itself, many of us have wondered, “Will it ever be the same again?”
Rarely do we ever go back to the way the things used to be. Instead, what these massive storms do is reshape the future; sometimes for the better and sometimes just for a new beginning. Although there are hopeful signs for the future considering the construction industry is slowly re-growing, the damage is still there. The industry has shrunk to 30 percent since 2007, many construction firms have shut down completely and many other have no plans to rehire for positions until 2014.
For the meantime, the construction industry remains a changed sector, and for those still playing in this field, they must play by a different set of standards. It’s more fierce and competitive, and some experts believe that construction will be treated as a commodity from this point forward. Furthermore, bidders must be highly qualified but be able to do more with less money.
There has been an increase in bid shopping, and many bidders are coming in low just to beat out competitors. Of course, the lowest bidder doesn’t always win the bid since they may not be qualified. However, coming in low, especially when you are able to meet the criteria, will put you at the best chance of winning the bid, so it’s important that bidders have smart solutions for meeting these needs within a strict budget. These include utilizing prefabricated structures and reducing waste.
Today’s construction industry is more competitive; it relies on eco-friendly building practices, it has more demanding owners. We won’t see things go back to the way they were before 2007. Those who wait for this will be disappointed. Instead, we must move forward and look toward a brighter more innovative construction industry that will be the new face of the construction trade.
Blog sponsored by: Construction Reports