One thing to watch is the distribution of demand within the construction industry. With all the signed stimulus the market should remain pretty stable when we think about a couple years from now. Until then, very few companies are hiring and construction will remain at a steady pace. Workforce will likely restore to its pre pandemic levels over time. Franklin, Tn general contractors will have to look toward larger projects that offer more pay for the same amount of work. Grading contractor in Nashville area may be working on smaller scale projects, many older declared projects still require the use of multiple subcontractors. Rest who line the pockets of not only the initial subcontractor but the entire construction company. While a steady wage may come into effect, a second contractor may end up being the sweetener for converting workers to praise for the big bucks. The VC funds investing heavily in the pipeline still must hope for quick payouts.
Shifts in the way that construction companies conduct business will have an outward effect on how they go about doing business in construction in the future. For instance, new companies seeking business in Nashville after being spurred by Covid-related work will seek it with more finicky requirements for pre-construction activities. Likewise, entities more familiar with pre-construction work in Nashville’s burgeoning residential market will likely seek out new participants in that market. The converse also will be true. Smaller homebuilders looking to jumpstart residential construction will be more willing to work with contractors who can meet traditional get-the-job-done requirements.
Even as companies begin to see more individual jobs become obsolete in the coming years, human capital managed by traditional forms of job assignment or contract workforce planning may not be replaceable, and technology has proved surprisingly durable — even as new ways to measure it are developed. Thus, it’s critical that companies continue to take steps to manage the influx of their workforce through more agile, modernized methods that can support an expected influx in both individuals and contracts. The utilization of technological innovations have yet to be seen, but zones under construction will undoubtedly require the utilization of new technologies. It may even require a quantum shift in approach to design of projects. While there are many challenges to overcome, both could bring wonderful benefits. The first challenge in using robots for construction is integrating the technologies together into a cohesive system. There will be parts that require humans to remove for performance reasons as well as parts that don’t. Engineering RF components with global positioning satellites is difficult due to challenges of precise placement and alignment. This is where on-site robots possess an advantage, where the technology can be harnessed to collaboratively remove the critical parts. We at McMillan Construction are always looking for ways to be able to take on these new innovations.
Solar will play a big role in all of this, especially as the market grows. There will be less need to return to the dirt as we build off of existing builds. Building on existing structures and the ability to read code will greatly ease operations as we move forward. Operating procedures will likely be less of a challenge as we are leveraging existing expertise in the field. This will drive a reduction in the time required to work on the site and therefore bring down costs in the long run. Before the pandemic, we had the advantage of conducting tradesmen onsite for some projects, however with the construction and lack of human capital, this went out the window.