It can feel like a real accomplishment to have survived 2020, but now it is time to look toward the potential challenges that the new year will bring. Check out some of the unique challenges we expect to see. Know that fund control software does not need to be a challenge at all. We invite you to keep reading and then contact Fund Control at 800-625-5972 for a free demo.

There Will Be a Lack of Skilled Labor

It is true that this is nothing due – the industry has had serious issues for decades now when it comes to having enough skilled labor. At the same time, this had started to improve somewhat, when COVID came along and shut down much of the country, many contractors put their jobs on pause. Now, as they start work again with the appropriate safety precautions, they stand to lose even more workers who are afraid of working for health reasons.

Expect Disrupted Supply Chains

Once again, this is not something new, but the challenges of 2021 might be new. Construction is one of the most essential business practices not just in the United States but throughout the country. Yet, there continue to be issues with supply chains as factories and manufacturers across the world are shut down or short-staffed.

The best way for contractors to handle this is to take a two-pronged approach. First, they must simply be realistic and extend deadlines to account for these slowdowns. Second, they should work with at least three suppliers to increase their chances of being able to access what they need.

Lower Construction Costs

While this might be good news for some, it is not good news for contractors. For the first time in the last decade, 2020 construction costs in the third quarter were down. This is expected to continue into 2021 and will impact the profit margins of contractors.

A Reduction in Commercial Construction

While, of course, every region is different, many are seeing significant reductions in the number of commercial construction opportunities. This is due in part to the fact that many companies are choosing to keep employees working from home for the foreseeable future. This does not have to be a challenge unless a contractor does not want to pivot to residential construction.

Increases in Healthcare Facility Building

As commercial construction is going down, healthcare building is going up. What’s more, many smaller medical communities are looking for larger buildings that make it easier for social distancing to become the norm. This means larger projects with the need for additional specialized knowledge.

There is no question that the construction industry is resilient and at Fund Control, we are proud to offer software solutions that help make your job easier.