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2023 Global Construction Survey Summary

Overview

The 2023 Global Construction Survey highlights a mix of optimism and challenges in the construction industry. Two-thirds of respondents are optimistic about market direction, driven by infrastructure stimuli, but ongoing volatility, poor project performance, and supply chain issues persist. The survey, based on responses from 267 engineering/construction firms and project owners, explores key areas like risk management, sustainability (ESG), technological innovation, and supply chain resilience. It notes a shift from boom-and-bust cycles toward more sustainable growth, but inefficiencies remain.

Market Conditions & Growth

• Optimism: 66% of respondents are optimistic about the construction market, with 78% believing infrastructure stimuli will positively impact it. Government funding programs (e.g., CHIPS Act) are expected to drive sector growth, with ESG demands fueling renewable energy and circular economy projects.
• Revenue Projections: U.S. project owners show higher optimism (38% very optimistic), while E&C firms are more cautious, with 45% anticipating growth over the next 12 months.
• Despite optimism, volatility exists due to factors like supply chain disruptions, energy/material price hikes, and labor shortages, stemming from events like the COVID-19 pandemic and geopolitical issues.

Project Performance Challenges

• Issues: Half of owners report projects not completing on time, and 37% cite budget/schedule misses due to ineffective risk management. COVID-19 schedule delays or cost impacts affect 45% of respondents.
• Priorities: Respondents emphasize improving estimating accuracy to address cost escalations and transfer risks through better contracts. Strategies include longer planning periods and modular construction to mitigate schedule/overrun problems.
• Productivity: Construction productivity has declined by 7% since 1997, lagging other sectors. Fragmented value chains and resistance to innovation hinder progress, with inadequate risk management exacerbating issues.

ESG Influence

• Growing Importance: ESG is a top agenda item, with 54% fully envisioning its benefits. Key benefits include reputational improvement, competitive advantage, and access to capital.
• Differences: Owners focus on reducing GHG emissions, while E&C firms prioritize diversity, equity, and inclusion (DEI). Embodied carbon concerns are rising and may face future regulations.
• Barriers: Regulatory pressures and investor demands drive ESG adoption, but gaps exist, with owners showing more maturity in ESG implementation than E&C companies.

Technological Innovation

• Adoption: Digital tools like building information modeling (BIM), AI, and robotics process automation (RPA) are increasingly used (81% use mobile platforms). Key innovations include drones, data analytics, and modular offsite manufacturing, which reduce costs and improve safety.
• Challenges: Widespread adoption is limited; e.g., only 6% of E&C firms use RPA across all projects. Opportunities for ROI lie in digital twins and AI, which can enhance project performance.
• Benefits: Technologies predict and prevent incidents, optimize resource use, and improve supply chain efficiency in areas like prefab construction.

Supply Chain Resilience

• Strategies: Companies are diversifying sourcing, enhancing hedging strategies for material price volatility, and extending planning durations to manage disruptions. Remote working models and innovative approaches like modular construction are emphasized to build resilience.
• Responses: 83% prioritize improving estimating accuracy to deal with supply chain and cost issues, highlighting the need for contractual protections.

Productivity Improvements

• Key Aspects: To overcome low productivity and failures, better risk aggregation at the enterprise level, data analytics, and collaborative ecosystems are recommended. IoT sensors, predictive maintenance, and digital integration can reduce delays and enhance efficiency.
• Industry Shift: Modular construction is seen as a game-changer, with 25% of E&C projects using prefabrication, but adoption needs to increase to address labor and resource constraints.

Key Takeaways

• Urgent Productivity Focus: Learn from other sectors to achieve scale and efficiency through standardization and ecosystem collaboration.
• Master Enterprise Risk Management: Assess risks across projects to avoid unprofitable ventures and prevent failures.
• Embed ESG Fully: Make sustainability a core strategy to meet stakeholder demands and avoid negative impacts on capital access.
• Become Data Masters: Leverage data analytics for cost savings and improved project outcomes in a digital world.

About the Survey

The survey gathered insights from 267 respondents across engineering/construction firms (121) and project owners (146), representing diverse industries and regions. It was based on interviews and data analysis, with a focus on market trends, performance challenges, and future outlooks.