The results of the Construction Sentiment Survey 2017 have now been published, providing a valuable insight into the key issues, challenges and opportunities facing the construction industry.
Carried out by Causeway Technologies and Barbour ABI, the industry-wide survey invited feedback from over 80,000 construction professionals on subjects as diverse as skilled labour shortages, currency fluctuations, rising materials costs, technological developments and the implications of Brexit.
It reveals that a largely optimistic construction industry sees a sharper competitive edge and a better value proposition for customers as the main ways to drive growth. Alongside this, though, a high proportion of companies are cutting costs and looking for ways to improve efficiency.
Causeway CEO Colin Smith commented: “It is clear that construction companies need to build their resilience whilst retaining sufficient agility to manage change and take advantage of the opportunities it presents. Rather than fight an uphill struggle, such companies should perhaps consider enabling technologies that make it easier for people to do their work, without requiring a completely new approach.
“There is a wide ensemble of technology made specifically for the construction industry that allows both stakeholders and employees alike to be more effective without major changes in operations,” he added.
The following are some of the key figures revealed in the survey:
71% of companies expect to see an increase in revenue.
63% expect to see an increase in profits during 2017.
69% believe their companies are already implementing initiative to fuel growth.
67% of companies have embarked on cost-cutting measures.
88% believe there is room for improvement in terms of operational efficiency.
34% expect to see an increase in the number of bankruptcies.
Full analysis of the survey findings is available as a free download.