Will it be trick or treat for the construction industry in the fourth quarter of 2018? Whether you’re a drywall hanger or a roofer, you’ve probably seen lots of upside lately. Sure, construction spending may be soaring, but market conditions can turn any healthy backlog into a contractor’s worst nightmare.
Are manual ways of working and rising material costs taking a bite out of your profits? Even in boom times with construction spending surging past the $1 trillion mark monthly, the construction landscape can be a little scary.
Three Spooky Trends
With trade tensions and tariffs resulting in higher material prices, contractors could end up feeling like they won more sour than sweet projects this year. Our new infographic, Construction Industry Frightening Facts, highlights these trends.
Here are three spooky construction facts to keep in mind when bidding your next project:
- Mysterious missing design documents: More than 90% of contractors report receiving less than complete design documents and 92% of senior executives say incomplete design documents hurt their success. Growing demands for preconstruction efficiencies are hurting many construction companies.
- Graveyard of lost productivity: Majority of construction jobs run 80% over budget and 20% over schedule. It’s not surprising that construction is the least digitized and ranked least improved globally for productivity for 20 straight years.
- Spooky estimating errors: With 70% of estimators still using spreadsheets, it’s no surprise that manual estimates do not always add up to profitable projects. If labor and materials are underestimated, your business could end up winning the low bid and losing money on the job. Experts say the average detection rate in Excel is only 60%.
Nightmare on Estimating Street?
Between error-filled spreadsheets and rising material costs, cost estimators can lose more than a few hours sleep. Take a closer look at these issues when you check out our infographic, Construction Industry Frightening Facts, now.
If you’re ready for manual takeoff and error-filled spreadsheets to RIP, check out the Contractor’s Suite White Paper to learn how tech tools can help you scare up more profits.