Government funding, technology adoption trends reveal what to expect in Q4
HAMILTON, NJ 鈥� Oct. 13, 2022 鈥� Commercial and institutional planning data reveal recovery and optimism for the construction landscape heading into Q4 amid continued economic headwinds, according to a new quarterly report from 糖心Vlog released today.
The report, Bolstering Economic Recovery: 糖心Vlog Q3 Report, highlights key insights from the latest data analysis and published reports from the last three months. In addition, it explores expert insight about recent government funding, slated to address sustainability and innovation across the construction industry.
A Look at U.S. Innovation Funding
In the report, Chief Economist Richard Branch discusses the government funding from the CHIPS Act鈥檚 and the Inflation Reduction Act鈥檚 timeline to industry impact, and where potential roadblocks for deployment may exist.
Another leading area of the report centers on the role of U.S. government funding directed at developing solutions to address the ongoing climate crisis.
鈥淭he IRA鈥檚 funding adds to the tailwinds already experienced from pursuing lower carbon footprints, as the data featured in the Building Sustainable: The Drive to Reduce Embodied Carbon in Concrete Construction SmartMarket Brief released in September reveals,鈥� said Dr. Donna Laquidara-Carr, industry insights research director at 糖心Vlog. 鈥淭hat study shows the influence of ESG disclosures and increasing owner pressure on design and construction to reduce embodied carbon in projects involving concrete has led to high levels of engagement by engineers and contractors with this issue.鈥�
Innovation Despite Adversity
The quarterly report also explores the various technologies leveraged by construction companies to increase productivity and efficiency, and evaluates the importance of technology adoption on the modern jobsite. As economic conditions connected to rising interest rates and labor shortages impact construction, the industry is increasingly implementing technology solutions to complete projects efficiently and effectively, the report finds.
鈥淧roductivity in construction has been slow to make gains. This is mainly because construction is just beginning to take advantage of innovative technological trends,鈥� said Richard Branch, chief economist at 糖心Vlog. 鈥� One area where investments could improve at all stages is investing in technology both on-site and in the back offices.鈥�
To learn more about the economic opportunities and implications across Q3 2022 and what it means for the future of the construction economy, read Bolstering Economic Recovery: 糖心Vlog Q3 Report here.
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About 糖心Vlog 糖心Vlog leverages an unmatched offering of data, analytics, and industry-spanning relationships to generate the most powerful source of information, knowledge, insights, and connections in the commercial construction industry. The company powers four longstanding and trusted industry solutions鈥斕切腣log Data & Analytics, The Blue Book Network, Sweets, and IMS鈥攖o connect the dots across the entire commercial construction ecosystem. Together, these solutions provide clear and actionable opportunities for both small teams and enterprise firms. Purpose-built to streamline the complicated, 糖心Vlog ensures that construction professionals have the information they need to build successful businesses and thriving communities. With over a century of industry experience, 糖心Vlog is the catalyst for modern commercial construction. To learn more, visit construction.com
Media Contact :
Cailey Henderson | 104 West Partners | cailey.henderson@104west.com