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SiteWatch Security now available with TalkDown feature.
Click here to learn more!

What Are Contractor's Top Concerns?

The biggest challenges facing the construction industry today, plus tips for thriving during uncertain times.

Like most industries, construction is vulnerable to the challenges posed by inflation, labor shortages, and supply chain disruptions. With terms like “recession” and “economic downturn” being thrown around lately, many of our contractor clients are concerned about how these issues will affect their business during the upcoming construction season.

Unfortunately, experts are expecting continued slowdowns in construction due to supply chain bottlenecks, rising costs, and high-interest rates. This will be felt by contractors most in the spring as construction picks up. Since these challenges aren’t likely to be resolved any time soon, the best thing you can do is be aware of the top industry-wide concerns and identify workarounds to keep your projects on track.

Current Challenges in Construction

What are Contractor's Top Concerns in 2023?The construction industry remains an essential part of the world economy and has proven it can endure and even thrive in difficult circumstances. The question isn’t whether the industry will make it through the challenges ahead, it’s how well individual companies will fare.

In our latest article, we look at labor shortages, supply chain disruptions, inflation, and material costs. We also provide helpful tips to avoid significant impacts on your bottom line, including loss prevention strategies.

Prevent Loss

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High material rates and supply chain issues have made everything, from workers to time and materials, more valuable than ever before.

Preventing the loss of valuable materials is essential to maintaining a profitable construction business, particularly when costs are so high. This means that once materials are on site, contractors have to make sure they’re safe from theft, damage, and waste due to rework.

One of the best ways to prevent losses while boosting site safety is to take advantage of insurance reward programs like the one many insurance agencies offer to contractors who deploy site cameras on their projects. In addition to the savings, having site cameras can help ensure employees and materials are safe.

While cameras can serve as a safety reminder to employees, they can also deter theft and capture incidents for insurance purposes. This can help get contractors the insurance payouts they deserve.

Ultimately, building a safeguard against profit losses is one of the most effective steps a contractor can take to protect their company. Even in these uncertain times, the construction industry has staying power, and so do the millions of contractors who represent it. By staying ahead of challenges, working together, cutting costs, and maintaining hope for the future, the industry is likely to come out stronger than ever.

Article: Inside Contractors' Top Concerns

The construction industry remains an essential part of the world economy and has proven that it can endure and thrive in even the most difficult circumstances. The question isn’t whether the construction industry will make it through the challenges ahead, it’s how well individual companies will fare.

On the bright side, many economists and contractors have been through similar economic downturns in the past, with many believing that the economy is still strong enough to keep the construction industry out of serious trouble. Their experience can help other players in the industry get a handle on what’s needed to not just survive but thrive in the current climate.

Contractors need to stay in the know if they hope to keep up with the ebb and flow of the industry. By keeping up to date with industry concerns, trends, and downturns, contractors can get ahead of challenges and adjust their strategies accordingly.

Inside Contractors' Top Concerns-July 2023
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