Share this on FacebookApril 2nd, 2020 | Published by NEW Construction Alliance
Keith Prather (market intelligence expert for Olath) and DeWyan Ables (senior strategist for Pioneer IQ) are optimistic for the construction industry post-COVID-19.
In preparation for the future, Prather and Ables suggest that companies should begin now to understand their geographic market from a data-driven perspective.
They pose the following questions:
1.) How has your area been impacted by COVID-19?
2.) When does it appear that your area will be over the curve’s peak?
Answering these questions will allow for companies to create a general timeline to prepare for a surge of business.
But, where is this surge coming from? Well, COVID-19 has caused a slowdown of goods coming in from China. Prather and Ables believe post-COVID, American businesses will invest in more domestic manufacturing. This would create a “construction tsunami” with projects like “factories and warehouses” coming up.
Also, there has been a “pent-up” demand. Once your market is ridding the curve out, more projects will come to surface that could not before.
So how can you handle the fast demand? Ables’ advises the design-build delivery method: “[It] was made for this,” he said. “No one is operating alone, everyone has several different team mates they can pull from.”
To learn more about Prather and Ables predictions and their research, click here.