In the second part of FMI's Labor Productivity Study, we dive into prefabrication. Understanding the current opportunities and challenges with prefabrication can help construction companies understand needed shifts in strategies and business models to successfully integrate it.
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Labor productivity is the central economic engine of labor-intensive, self-performing contractors that drives profitability. Our research suggests that contractors lost approximately $30 billion to $40 billion to labor inefficiencies in 2022. Download the 2023 Labor Productivity Study to learn more.
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In this final segment on how to right projects that go awry, we provide a practical framework for executives to work through the key issues impacting a project while also allowing project staff to focus their energies on completing the project.
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Even the most promising construction projects can get quickly sidelined by a few missteps, a couple of bad decisions, inadequate budgeting or any other number of challenges. In Part 2, we will assess how each stakeholder influences or triggers some of these causal factors and provide recommendations on how to avoid these items on future projects.
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Even the most promising design and construction projects can get quickly sidelined by a few missteps, a couple of bad decisions, misaligned expectations between the parties or any other number of challenges. In this three-part series, we’ll explore some of the key issues that contractors, architects/engineers and owners encounter on their projects and describe common causes of these problems.
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The construction industry is back on track since the Great Recession, and total construction employment has rebounded to almost 6.7 million workers (still a far cry from its peak of 8 million workers in 2006). “Construction spending in November 2016 hit a 10-year high, with one-month and year-over-year increases in all major segments,” says Ken Simonson, chief economist at Associated General […]
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