The Forecast for 2019 in Construction and Beyond
The dawn of a new year often inspires reflection of a year gone by along with predictions for what’s to come. Over the past few weeks, we’ve prioritized doing both. Thanks to Evergreen Construction’s commitment to professional development and continuing education, we’ve attended a few events to learn more about what we can expect for 2019 in construction and beyond. From the economic forecast to the importance of BIM, we’re sharing what we’ve learned with you.
Economy
It should come as no surprise that tops on the conversation list is the present government shutdown. Economist Marci Rossell wants us to know a few things about the shutdown, now identified as the longest in history. First, the current state of affairs is costing us around $6.5 billion each week, and as a result, we can expect that it will shave one percent off the GDP for 2019. While the shutdown certainly won’t last forever, the impacts may be far reaching, especially as it relates to the first quarter which will inevitably be slow. However ultimately, we can expect a slow first quarter followed by a growth of 3.5 percent. The best takeaway? Marci does not foresee a recession, but does predict slower growth overall.
Construction
After our lunch and learn with CMAA, we found that this year, we can expect to see Building Information Modeling (BIM) bigger than ever before. While many are stuck in the mentality that BIM is only important for design and construction, the reality is, it can be used throughout a building’s life cycle including design, construction, manufacturing, and operation. And the proof is in the data. Jacob D’Albora of McVeigh & Mangum Engineering shared that BIM users experience a 5% reduction in costs and a 5% increase in completion rate. Further, according to his research, users also experience a 25% improvement in operations productivity and a 25% reduction in necessary maintenance labor. Essentially, the proof is in the pudding.
Work Force
Unemployment rates are continuing to fall, and the job market is hotter than ever. Interestingly, experts and analysts alike are evaluating the younger generations’ impact on the job market. In fact, many say that gone are the days of revamping office mentality to attract millennial employees many of whom are now well into their 30s. The next generation to focus on? Gen Z, born between 1995 and 2002. Generation Z is defined as the kids who never lived without technology, however it’s important to also note that this generation grew-up in the aftermath of the recession, often watching their parents wade through difficult financial times. As a result, 66% of Generation Z-ers are looking for careers before they turn 30. It’s time to tap into that marketplace.
What are your predictions for 2019? We’d love to hear more about what you think about the year ahead!