The end of each year often brings with it a number of analyses on how any particular industry performed. However, one recent report I thought I’d share with you instead projects what’s ahead for the New Year.
FMI, a consultant to the engineering and construction industry, shared a bit of its 2012 U.S. Markets Construction Overview, offering what it thinks will be some of the industry’s most complex business challenges going forward.
While general to the construction industry as a whole, I found that several of these issues noted are heard time and time again, even in our niche market of healthcare. Take a look at the report’s highlights, and be sure to let us know how you think this translates to what our readership will be tackling in 2012.
- The move to a greater use of P3 (public-private partnerships) project funding will be slow, but will begin to gain traction in the United States.
- Demographics continue to drive demand for healthcare, education, and improving infrastructure.
- Spending for government construction is expected to decline as budget battles continue to rage in Washington and spill over to every state in the nation.
- Sustainable or green construction will drive demand for LEED-certified buildings.
- Innovation is driving efficiencies in multi-trade prefabrication and modularization construction.
- As the baby boomers age out of the workforce, many firms will face succession and transition challenges.