The construction industry has faced a multitude of issues over the last two years. Recently the industry has seen the collapse of several major companies, in what could be the “tip of the iceberg”.
So what does the future hold?
Research has shown:
- In 2020 a 40% reduction in forward bookings, driven by border closures, cancellations and lockdowns.
- Key issues are control of costs, cashflow and profitability.
- In 2022 77% of respondents from the construction industry have, or plan to, increase their prices in the short term.
- 92% of construction industry respondents felt confident about reaching their business ambitions in 2022.
- 75% of mid-market businesses plan to focus on investment in business management technologies such as ERP, payroll and workforce management.
- There is clear recognition of the role digital solutions will play in helping secure construction success going forward