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- Economic volatility is leading to increased tech investment: 30 per cent say they need new technology to achieve greater efficiencies<\/i><\/li>\n
- Industry realizes the value of data: 41 per cent feel that they would be able to make better decisions if they had better access to real-time and historic information<\/i><\/li>\n
- 43 per cent of those who work in the residential sector expect to build more housing units in 2023 compared to 2022<\/i><\/li>\n<\/ul>\n
TORONTO–(BUSINESS WIRE<\/a>)–Procore Technologies, Inc.<\/a> (NYSE: PCOR), a leading global provider of construction management software, today released their construction industry benchmark report1<\/sup>How We Build Now: Technology and industry trends shaping Canadian construction in 2023<\/i><\/a>. The report examines the general sentiment of the industry, the digital maturity and adoption of construction technologies, as well as the challenges and opportunities that businesses face.<\/p>\n
This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20230622078760\/en\/<\/a><\/p>\n
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<\/p>\nNine in ten (90%) of respondents feel confident about market conditions over the next 12 months, with 44 per cent feeling very confident. In line with this finding, 70 per cent of respondents expect the number and value of projects completed by their organization to increase during this period. (Graphic: Business Wire)<\/p>\n<\/div>\n
\nNine out of 10 of respondents in Canada express confidence (44% very confident) about industry conditions over the next 12 months, with seven out of 10 construction businesses expecting an increase in the number (70%) or value of projects (72%) over the same timeframe.<\/p>\n
\nA recent poll2<\/sup> reveals 92 per cent of Canadians agreed there is an urgent need to build more or update current infrastructure in Canada over the next two years. This new How We Build Now (Canada) <\/i>report shows:<\/p>\n
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- \n43 per cent of those who work in the residential sector expect to build more housing units in 2023 compared to 2022<\/p>\n<\/li>\n
- \nOver half of respondents from B.C. (51%) and Alberta (55%) who work in the residential sector expect to build and deliver fewer housing units in 2023 compared to 2022. This is a stark contrast in comparison to Ontario where 60 per cent of respondents expect to build and deliver more housing units in 2023<\/p>\n<\/li>\n<\/ul>\n
Labour Shortages and Supply Chain Problems Are Key Concerns<\/b><\/p>\n
\nThis latest report finds that respondents consider hiring and retaining skilled labour as one of the top challenges they face over the next 12 months.<\/p>\n
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- \n29 per cent report they have been unable to take on more projects in the past three to six months due to labour shortage<\/p>\n<\/li>\n
- \n27 per cent agree it is hard for construction to compete with other industries for good employees<\/p>\n<\/li>\n
- \n27 per cent agree there is too much competition in construction for talent<\/p>\n<\/li>\n
- \n32 per cent fear that some of their most experienced people will retire within the next few years and take valuable knowledge with them<\/p>\n<\/li>\n<\/ul>\n
\nSupply chain problems are impacting respondents to a different extent across the country. Qu\u00e9bec-based respondents report the highest impact, with 41 per cent reporting significant delays due to supply chain issues, compared to 35 per cent of respondents from Ontario and just a quarter of respondents in B.C.<\/p>\n
Digital Transformation Critical to Overcoming Roadblocks<\/b><\/p>\n
\nConstruction firms in Canada understand that digital transformation is required to overcome the labour shortage: 22 per cent of construction businesses consider themselves a digital-first business and 51 per cent are \u2018well on the way\u2019 to adopting digital formats and workflows.<\/p>\n
\nConstruction decision makers recognize that technology provides benefits, particularly around resource efficiency through less rework, an enemy of sustainability. The survey shows 27 per cent of the total time spent on a project is spent on rework or rectifying issues. Other findings:<\/p>\n
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- \nAlmost half of all projects go over budget (50%) and over schedule (49%) according to respondents<\/p>\n<\/li>\n
- \nOver 30 per cent of respondents identify needing new technology to improve operational efficiency and cost controls amid economic volatility<\/p>\n<\/li>\n
- \nPaper remains a common medium for Canadian construction decision makers. About a quarter of respondents (23-28%, depending on the workflow) still use paper-based records or non-digital processes as part of their workflows<\/p>\n<\/li>\n<\/ul>\n
Data as a Competitive Difference<\/b><\/p>\n
\nAccording to the report, the industry realizes the value of data yet they are not able to leverage it to the fullest. Forty-one per cent of respondents feel that they would be able to make better decisions if they had better access to real-time and historic information on project performance.<\/p>\n
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- \nRespondents believe they could save up to 12 per cent of their total spending on projects if they captured, integrated and standardized data more efficiently<\/p>\n<\/li>\n
- \nRespondents report spending 17 per cent of their time on a typical project searching for data or information \u2013 clearly too much time on low productivity tasks<\/p>\n<\/li>\n
- \nHalf of the respondents say they have a foundation in place to begin learning from their data but don\u2019t necessarily have a dedicated data team in place. One in five say much of their data exists in spreadsheets or on paper and they do not leverage data to drive business outcomes<\/p>\n<\/li>\n<\/ul>\n
\n\u201cWe are encouraged to see the Canadian construction industry\u2019s leaders express optimism as they look to consolidate and build on post-pandemic progress,\u201d said Nolan Frazier, regional sales director, Canada, Procore. \u201cIn particular, this survey shows half of the respondents see a need to embrace greater collaboration in projects among stakeholders; half of them are also well on their way in their digital transformation journey. Some also recognize the opportunity to leverage the massive amounts of data generated through the use of technology to make more data-driven decisions across every phase of the construction life cycle. Ultimately, smarter construction empowers construction businesses to have better control of their projects and deliver higher quality builds.\u201d<\/p>\n
The Future of Construction Technology<\/b><\/p>\n
\nRespondents rate construction management platforms, clean technologies involving green, sustainable or innovative materials, and next generation BIM as the top technologies that will drive change in the construction industry over the next three years.<\/p>\n
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- \nOver half of respondents (56%) are either currently using (29%) or plan to adopt a construction management platform (27%) over the next 12 months<\/p>\n<\/li>\n
- \nMore than six out of 10 (62%) of Canadian organizations are either currently using (26%) or plan to adopt (36%) clean technologies over the next 12 months<\/p>\n<\/li>\n<\/ul>\n
Sustainable Construction is Top of Mind<\/b><\/p>\n
\nOverall, the industry is keen to adopt more environmentally conscious and sustainable building practices. Approximately half of the respondents (50%) have started to focus on strategies like prefabrication and improved material selection to reduce the carbon footprint of their projects. Four in 10 are either currently tracking or plan to start tracking (within the next 12 months) carbon emissions on their construction projects.<\/p>\n
Workplace Diversity and Inclusion in Construction Are Critical<\/b><\/p>\n
\nCurrently, women make up a minority of the construction workforce, particularly in executive roles (24%). Subcontractors have the lowest ratio when it comes to having female members on staff. Only 22 per cent of executive staff at trade contractors are female compared with around 25 per cent at owners and general contractors.<\/p>\n
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- \nAlmost four in 10 (38%) of construction decision makers believe that there is a need to improve diversity and inclusion in construction workplaces to attract women, minorities and historically underrepresented groups<\/p>\n<\/li>\n
- \nOnly 41 per cent of respondents have a diversity and inclusion policy in place with another 45 per cent planning to implement one in the next 12 months<\/p>\n<\/li>\n<\/ul>\n
\nMany organizations recognize the need to improve the well-being of their workforce (see Procore\u2019s Get Construction Talking<\/a> campaign). Four in 10 (41%) report having a wellness and mental health practice or policy in place to reduce the likelihood of burnout; 46 per cent plan to implement a process in the next 12 months.<\/p>\n
\nDespite some fundamental labour challenges, respondents are optimistic about the future. Approximately eight in 10 are confident they will have enough people to meet their organizational needs (79%) and the necessary skills to meet demand (80%) over the next 12 months.<\/p>\n
\nFor more information, download the How We Build Now: Technology and industry trends shaping Canadian construction in 2023<\/i> report: http:\/\/www.procore.com\/en-ca\/ebooks\/how-we-build-now-report-can<\/a><\/p>\n
\nImages are available here<\/a>.<\/p>\n
\nAttend the panel discussion with Canadian Construction Association, Mechanical Contractors Association of Canada, Independent Contractors and Businesses Association and Procore on July 13 at 1:00 p.m. ET: https:\/\/www.procore.com\/en-ca\/webinars\/how-we-build-now-2023<\/a><\/p>\n
About Procore<\/b><\/p>\n
\nProcore Technologies, Inc. (NYSE: PCOR) creates software for people who build the world. With a focus on providing timely and accurate data for all, Procore transforms the construction industry one project at a time \u2013 from hospitals and skyscrapers to airports and stadiums. Beyond its connected, innovative technology, Procore empowers the industry and its communities through Procore.org. For more information, visit www.procore.com<\/a>.<\/p>\n
\n1. The \u2018How We Build Now: Technology and industry trends shaping Canadian construction in 2023<\/i>\u2019 survey was conducted by independent research company Censuswide. A total of 502 construction decision-makers and influencers participated in this report across Canada.<\/p>\n
\n2. <\/b>Based on a study commissioned by Procore Technologies and conducted from March 6-8, 2023 among a nationally representative sample of n=1,502 Canadians, balanced and weighted on age, gender, region and education.<\/p>\n
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View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230622078760\/en\/<\/a><\/span><\/p>\n
Media:
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ProcorePR@stratamp.com<\/a><\/p>\nKEYWORDS:<\/b> North America Canada<\/p>\n
INDUSTRY KEYWORDS:<\/b> Other Transport Manufacturing Other Professional Services Transport Other Technology Telecommunications Software Consulting Other Construction & Property Professional Services Data Management Residential Building & Real Estate Technology Commercial Building & Real Estate Mining\/Minerals Construction & Property Natural Resources Other Manufacturing Engineering<\/p>\n
- Industry realizes the value of data: 41 per cent feel that they would be able to make better decisions if they had better access to real-time and historic information<\/i><\/li>\n
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