- The pandemic has impacted the construction industry but can lead to post-pandemic economic recovery.
- Construction is a major employer, accounting for 7% of the global population, contributing $10.3 trillion to GDP.
- Infrastructure projects drive economic growth and job creation, while technology adoption can improve efficiency and sustainability.
- The industry must invest in cranes, automation/robotics, and continuous training/education to keep pace with changing trends.
- Construction firms can create a brighter future by adopting the right strategies, investments, and innovations.
After over a year of persistent lockdowns, the world is eager to recover from the pandemic’s detrimental economic fallout. One industry that has the potential to lead the way in post-pandemic economic recovery is the construction industry. Construction firms worldwide have experienced the pandemic’s impact on their businesses, with some construction work pausing or even stopping altogether.
The Current State of the Construction Industry
Currently, the construction industry is one of the biggest employers in the world. Around 7% of the global population is estimated to be employed in construction work, with nearly 21 million people directly involved in the industry.
Despite the challenges posed by the pandemic, many firms have continued to operate and invested resources into new technologies and strategies that will help them survive amid the crisis. Here’s the importance of the construction industry after the pandemic.
Employment and Economic Growth
Construction projects require many employees, from skilled tradespeople to architects, project managers, and finance professionals. Hiring and training a skilled workforce will help the industry to recover post-pandemic. Millions of jobs have already been lost globally due to the pandemic, and the construction industry can significantly drive re-employment. In 2019, the construction industry alone contributed $10.3 trillion (13%) to the world’s Gross Domestic Product, thereby increasing economic growth globally.
Revitalizing Infrastructure
Infrastructure projects such as railways, power generation, bridges, and transportation networks have long-term, widespread economic impacts. These projects will drive new job creation in construction and other related sectors. Post-pandemic, nation-builders and governments can provide necessary resources to vital infrastructure, water, transport systems, and public services. The construction industry, therefore, offers a solid foundation for future economic development.
Exploration of Innovative Technologies
The construction industry was already experiencing a technological revolution pre-pandemic, with the adoption of IoT, artificial intelligence, drones, and other innovative solutions. By embracing these technologies, the construction industry can improve productivity, efficiency, and profitability compared to traditional building methods. The industry can likewise design and conceptualize more sustainable building infrastructures.
Sustainability and Climate Change
The construction industry accounts for 36% of global energy consumption and 39% of carbon dioxide emissions. It is up to the industry to step up to the challenge and promote sustainability to create a greener planet. Post-pandemic, the construction industry must prioritize eco-friendly construction methods, such as green building and renewable energy.
Urbanization
Finally, the pandemic has significantly impacted how people live, with more people choosing to live in urban areas. This trend is likely to continue in the post-pandemic world, and the construction industry will need to respond with more residential projects to accommodate this growth. The importance of green spaces will become more critical as city dwellers will require space to exercise, unwind, and relax.
The Future of the Construction Industry
The construction industry is deeply embedded in the economy and has long been a major driver of global job creation and economic growth. Here are some essentials that the industry needs going into the future:
Need For Cranes
Cranes are crucial for urbanization projects. They are used to lift and move oversized items, such as structural steel beams or concrete blocks. Cranes are also essential for constructing high-rise buildings and other large-scale projects. This is why firms must spend more on robust self-erecting tower cranes. These cranes are more compact and require less setup time, making them a viable solution for the construction industry.
Investment Into Automation and Robotics
The pandemic has made manual labor more challenging and costlier. Companies must invest in automation and robotics to provide more efficient construction processes. This shift will help reduce human errors and increase productivity levels. Additionally, automation offers safer working conditions for workers in hazardous spaces.
Continuous Training and Education
Employees will need to be upskilled and retrained continuously to keep up with the changing technologies and trends in the construction industry. Firms can provide employees with relevant training, certifications, and learning opportunities to stay abreast of the most advanced technologies.
These are some of the most important considerations for the construction industry going into the post-pandemic world. With the right strategies, investments, and innovations, firms can continue to lead economic recovery and build a brighter future.