According to the U.S. Census Bureau, an estimated $1.18 trillion in total construction spending was reached during January 2017. That was a 3.1% increase compared to January of 2016.
What does this mean exactly? Well, for one thing, expenditure in the construction industry is growing.
In fact, residential construction alone saw a 5.5% year-over-year increase in value. And while non-residential growth is more steadfast, the construction value still saw a 1.5% increase compared to last year.
As the these twin industries (residential and commercial) continue to grow, contractors will be called upon to do more as well. But successfully growing a construction business is something for which a contractor needs all the right tools.
Not moving forward is moving backward
As ForConstructionPros.com reports, over half of U.S. construction contractors spend under 2% of corporate revenue on IT services. This statistic is pretty alarming, especially since today’s construction landscape is more tech-heavy than it’s ever been.
Whether it’s resistance toward new technology or general resistance to change, there’s a large segment of construction professionals who don’t seem to value technology as much as they should.
Why is technology so important in helping you grow your construction business?
Construction teams, projects and management are becoming larger and more complex. Things are not as straightforward and small-scale as they used to be. Complex projects with multiple subcontractors are becoming the norm and it’s essential to have the tightly organized operations to see a project through to the end.
Additionally, the widespread availability of today’s technology—including the computers we carry around in our pockets that can hold nearly endless apps—opens the door onto truly modern convenience, efficiency and accuracy. Not stepping through that door simply makes no sense.
Using new technology and software to your advantage
Doing things the way they always have been done bogs your business down, and it also sets you up for failure as more and more of your competitors adopt technology such as BIM and estimating and bidding software, not to mention labor tracking software that saves time and money.
Implementing digital software like ExakTime’s mobile time clock app into your project management processes can eliminate inefficiencies, improve employee morale, and ultimately, make your job as a contractor easier.
If you’re ready to embrace new technology and grow your construction business, contact ExakTime today.