Although the year started with cautious optimism that costs would continue to go down, the latest data from the U.S. Bureau of Labor Statistics show an increase in construction input prices. Specifically, "construction materials prices increased 0.4% in...
As the year comes to a close, many reflect on the past months. In the construction tech realm, this introspection extends to the convention season. In a recent webinar, StructShare featured insights from industry leaders Nate Tockerman, Eric Tucker, and Jeff Sample. They shared a retrospective on the 2023 convention season and offered an exciting glimpse into what awaits in 2024.
The Year of Understanding Your Client
Jeff Sample kicked off the discussion by labeling the past convention season as "The year of understanding your client." Drawing insights from various events like the Lean Construction Institute, Construction Innovation Summit, Design-Build Institute of America, and Virtual Design and Construction Leadership Exchange, Sample highlighted the importance of connecting with clients on a deeper level.
The Year of People
In contrast, Eric Tucker characterized the year as "The year of people." With a focus on labor relations and mental health, Tucker emphasized the industry's shift towards a more holistic approach to construction.
"Construction is not just about bricks and mortar; it's about understanding the people behind the projects." - Eric Tucker
He highlighted initiatives like the "Get Construction Talking" campaign and the concerted efforts by organizations like TAUC to prioritize the health of backlogs amid evolving financing costs.
Trends and Talking Points
The hosts delved into the key trends that reverberated throughout the convention season. From challenges in adoption and change management to outdated metrics, budgeting woes, and the ever-evolving landscape of venture capital funding, they touched on crucial aspects shaping the industry. 
Sample underscored the shift towards operational excellence and the changing dynamics in software go-to-market strategies.
Builders' Engagement with Software
The conversation shifted to how builders engage with software, discussing innovation, labor shortages, contract models, delivery methods, waste reduction, and the role of data and materials. Noteworthy examples included AI applications like ChatGPT and StructShare's AI-enhanced RFQ tool, Procore's Copilot with Microsoft, and the imperative for more focus and training on change management.
Supply Chain and Materials
The hosts addressed vulnerabilities exposed by COVID-19 in the supply chain, emphasizing the need for digitization and visibility. The discussion covered solutions and innovations, highlighting the importance of relationships and the growing interest in ESG practices.
What's Next for Contractors in 2024:
All three hosts agreed that a continued focus on people, culture, and tools enhancing productivity would dominate 2024 discussions.
"Building a successful future in construction requires not just bricks and mortar but a steadfast commitment to nurturing our people, fostering a positive culture, and leveraging tools that enhance productivity." - Nate Tockerman
With infrastructure projects totaling over $1.3 trillion on the horizon, driven by the Infrastructure Bill and the CHIPS Act, the industry is poised for growth. Macro trends, economic impacts, and a potential recession were considered, with the consensus that construction is well-equipped to weather the storm.
Conclusion
In wrapping up the discussion, the hosts emphasized the importance of understanding clients, staying informed about economic shifts, and adapting to evolving technologies. They underscored the need for construction companies to be agile and well-informed in the face of upcoming challenges, setting the stage for an exciting and transformative year in 2024.
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