At the start of every year, leaders in their respective fields always make predictions about what will take place in the coming months. Now that we are six months into 2024, we wanted to take a moment to review trends in construction that we have observed from watching the industry up close.
Keep Going Green
It’s no surprise that the construction industry continues to prioritize sustainable and green building practices. Sustainable applications like renewable energy and recycled materials are becoming the standard. This is exciting because eco-friendly builds reduce our carbon footprints and promote long-term savings. At COR3, we love to embrace these practices when possible to create structures that are responsible and resilient.
Smart Tech
Smart technology is continuing to revolutionize the construction industry. Thanks to AI, we’re seeing more efficient, safe, and user-friendly builds, specifically in residential areas. Smart assistants like Siri, Alexa, and Google Assistant are transforming how people interact and use their appliances and security systems. These assistants understand voice commands (most of the time) and adapt to user preferences. Virtual AI assistants are also great at turning off thermostats, appliances, and security systems. It’s only a matter of time before we start incorporating this technology into our retail construction projects.
Modular and Prefabricated Construction
If you’ve kept up with our blog you know modular construction is something we find fascinating. This type of build is gaining traction because of its efficiency and cost-effectiveness. Prefabricated modules significantly reduce construction time and waste, offering a streamlined approach to building. If you’re curious to learn more about modular construction read our previous post on the topic.
The Labor Shortage
The ongoing shortage in labor for construction hit a peak during COVID-19, but the industry still lacks enough workers. Even as we recover from the pandemic’s effects, the construction industry still needs over 500,000 more workers. While robots and automation help, there’s still an increased need for skilled workers to manage projects and work with clients. At COR3, we take the time and resources to invest in our employees and foster a supportive and sustainable work environment. You can learn more about our employment opportunities here.
Navigating Rising Construction Costs
As of February 2024, construction costs have increased by 38.7% compared to February 2020 (SOURCE). Cement and concrete prices have seen a steady increase, with production costs rising by approximately 14% year-over-year as of 2022 (SOURCE). Persistent supply chain issues since the pandemic have led to material shortages which result in project delays. To mitigate these challenges, we recommend diversifying your supplier networks, increasing stockpiles of critical materials, and exploring local sourcing options to stabilize costs and maintain your project timelines.
Adaptive Reuse Projects
Adaptive reuse is a fancy way of repurposing old structures for new uses. Repurposing or renovating old buildings combines historical preservation with modern functionality. This trend conserves resources and revitalizes communities. One of our favorite examples of adaptive reuse is Google’s new headquarters in New York. Google transformed an old railway terminal into a state-of-the-art office space.! If you want to read more about Google’s New York HQ, read our past discussion on the blog.
Focus on Community and Social Impact
Designing with community and social sustainability in mind is becoming increasingly important. Creating community-centric spaces that encourage social interactions, inclusivity, and accessibility is a growing trend. That’s why we continue to see the blending of community spaces into retail design (more on that topic here).
The construction industry in 2024 is shaped by trends that prioritize sustainability, technology, efficiency, and community impact. At COR3 we love incorporating these trends alongside our tried and true methods. We will continue to stay focused on what is changing in the industry so we can provide the highest quality support and guidance to our clients.