If you’re thinking of investing in the construction industry next year, there are many things that you need to know before you jump in! There have been many changes to the construction industry over the past couple of years due to a myriad of factors, such as the pandemic, labour and material shortages, law changes and inflation. However, keeping on top of all construction industry news is essential if you want to make your investment count next year. Here are 4 key pieces of construction industry news you need to keep your eye on in 2024.
There have been significant skills gaps all across the world, but this has been most significantly seen in the worldwide construction industry. For example, many construction workers don’t have the qualification that adequately reflects their skills – most of them learn on the job rather than in a school room. This means that many workers are far more skilled than their qualifications say. However, the UK government is currently funding construction NVQs to help workers upskill and get their qualifications – make sure that you’re taking advantage of this when it comes to your construction company.
It’s essential that you’re preparing your construction company for the emerging green economy that will take the world by storm. Many countries around the world will need to reach their appropriate net zero targets if they were part of the Paris Agreement, and this will include lots of construction work in order to reach these targets. All buildings will need to become energy-efficient by 2050, which could mean lots of work for your company. Make sure that you’re preparing your staff to meet this workload, as it could become very lucrative for your business and significantly grow your company.
Marketing Is Changing
In the past, many construction companies relied on word of mouth to be able to find work – and this is still a useful way to market your business. However, it’s essential that you’re keeping up with the latest in marketing to ensure that you don’t fall behind. Over 50% of construction companies currently use social media to be able to reach potential customers, and many people research companies online before choosing to use them. It’s essential that you look into the demographic of people you work with and identify which social media platforms will be more beneficial to spread the word of your company.
Prepare For Retrofit
As aforementioned, preparing the country for net zero will play an essential role for construction companies over the next few decades. However, retrofit work will also be essential when it comes to making construction green – building new green buildings is essential, but also retrofitting old homes to make them energy efficient. Installing solar panels and insulation into older homes will be needed to make these homes green. In order to ensure your workforce is prepared to carry out this type of work, start looking into retrofit qualifications for them now – this means you will be more than prepared to access this sort of work.