It’s clear that the construction industry has some challenges ahead of it. For one thing, skilled laborers are aging out at an impressive rate. As it currently stands baby boomers, with a median age of about 56 makeup 40% of the construction labor pool.
It’s clear that the construction industry has some challenges ahead of it. For one thing, skilled laborers are aging out at an impressive rate. As it currently stands baby boomers, with a median age of about 56 make up 40% of the construction labor pool.
Add to this fact that there are already roughly 300,000 vacant construction jobs, and a picture begins to form. A necessary industry with a debilitating problem. And yet, potential looms on the horizon.
Long thought to be among the least technologically advanced industries in the nation, construction, valued at $1.5 trillion in the United States alone has vast potential to revolutionize the effectiveness of their operations—securing a bright future even amid a labor crisis.
Labor shortage notwithstanding, there are several pain points that ring out as familiar to construction sites all across the nation.
All totaled, these tech solvable problems cost the industry a staggering $31 billion annually. In terms of monetary loss and human safety, these problems are an enormous issue for a significant US industry. And yet, ahead looms a technological disruption that could well hold the answers to many issues that modern construction companies face.
Construction Tech Startups
Since 2015, construction tech startups have witnessed an interesting trajectory where venture capital fundraising is concerned.
Has VC for tech startups peaked? It’s possible. Industry-leading experts observed that 2019 was not a significant year for emerging tech startups, nor for the construction industry as a whole, which may have contributed to the decline. And, of course, the very unique conditions of 2020 make it difficult to forecast what this year’s dip means for the future of construction tech funding.
However, there are still many construction tech startups that have been on the receiving end of some serious VC.
As of right now, the major emphasis in construction tech seems to be on AI and robotics. However, everything from 3D printing to financial forecasting software are finding VC success. Despite apparent VC dips in the last two years, construction tech is well-positioned for a bright future.
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