As 2023 quickly approaches, the construction industry is dealing with a series of odd contradictions. The after effects of the COVID-19 pandemic are signaling a looming recession with rising inflation, rising interest rates, lower consumer scores, dampening willingness and ability to purchase new home builds as the major indicators. 

Seeing these trends rightly causes pessimism but construction might have something to be optimistic about in the coming year. For 2023, construction spending is projected to increase about 6 percent largely due to strong gains in manufacturing and retail facilities. The high rate of increase in manufacturing projects is chalked up to a trend in increased onshoring due to the supply chain disruptions over the last two years. Increases in retail construction spending are due to warehousing and distribution facilities being built because of the growth in e-commerce. 

To make things more puzzling there’s still the rising cost of materials cutting into profit margins and the skilled labor shortage leading to project delays. This level of confusion can bring added pressure to an already reactive industry. It’s more important than ever that contractors take a step back and evaluate their current processes to find areas of improvement. Doing this may help you spot opportunities for growth amidst the chaotic forecast for the coming year. 

One key area it’s possible to find opportunities in is through more effective management of your workforce. It’s imperative that you hold onto the workforce you have tightly, and this article is going to outline 5 ways you can improve your workforce strategies. Managing your workforce well will incentivize people to join your company and help the people you already have grow in their roles. 

Keep reading this blog on gobridgit.com