Construction Trends Network Survey 2023

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Page 1 of 1 | +1.800.333.3197 The Biggest Construction Trends 2023 Most construction professionals we surveyed predict that challenges from past years will persist in 2023 — namely, hiring and supply chain issues, along with the threat of entering a recession. And yet, most are still optimistic. This survey was conducted with members of our user community, The Network. ©2023 Viewpoint, Inc. All rights Reserved What will be the biggest construction trend? Most (33%) construction professionals think digital technologies that connect workflows and solve cost and margin challenges will be the biggest trend in 2023. The next biggest trend is data accessibility and mobility (20%), followed by data security and cybersecurity (17%), and predictive analytics and forecasting/ modeling tools (13%). Few respondents expect robotics, machine leaning/AI or other tech-enabled automation (10%) or HR management solutions that help with hiring or retention (7%) to be a big trend in 2023. What will happen to project starts & backlogs? A little less than half (45%) of the respondents expect to see more projects in 2023, while the other half (42%) expect to have about the same number of projects. Just 13% expect fewer projects. How confident are you in your organization's cybersecurity measures? Over half (57%) of respondents are confident in their organization's cybersecurity measures, while 23% are very confident. Only 17% are somewhat confident and a small group (3%) is unsure about their security measures. What will be the biggest construction challenge? Respondents anticipate hiring challenges and the labor shortage (62%) to be among the top challenges for 2023. Two smaller groups of survey participants expect supply chain & bottlenecks (15%), along with the threat of a looming recession (10%) to challenge their organizations. Very few respondents expect technology/workflows (8%) and integrating sustainability practices into processes (3%) to be a large issue. The remaining 2% foresee 'other' issues as being a challenge. What industry metrics/benchmarks are you following in 2023? A large group of construction professionals have their eyes on labor and hiring (39%), along side project starts/backlogs (31%). Cash flow trends (25%) are also a hot topic this year. Few construction professionals are following contract values (3%) or other topics (2%). What are your expectations when it comes to hiring? A great 46% of respondents plan to hire more this year, with 41% planning to hire about the same. Only 13% of construction professionals expect to hire less.

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