It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Parm Bhangal of Bhangals Construction Consultants.
With the interest rates continuing to increase, I expect the construction market will start to slow down in 2023 as people are forced to tighten their belts.
It’s a tricky landscape to navigate currently, especially on top of what has been a testing time for the sector with all the previous challenges of Brexit and the pandemic. We have already been hit with a crippling skills shortage and long, unavoidable materials delays.
The coming year will be about managing customer expectations, planning ahead and staying up to date with industry trends.
Modern methods of construction and artificial intelligence seem to be slowly infiltrating the sector, and no doubt there is more to come in the coming months.
Although historically, the construction industry has relied upon traditional skilled tradesmen, the workforce is now making room for the introduction of robotics, automation and computerised design to aid development and efficiency.
I believe 2023 will see large developers using more robotic technology and prefabricated off-site building, especially for new house builds with repetitive structures, that can be much more systemised.
But this shouldn’t concern those who provide bespoke, tailored, skilled services, which very much still have their own place.
What is vital for the coming year is strategic planning. Construction firms should be looking 6 months, 12 months and 3 years ahead to forecast how their business might evolve and focus on the training and investment that is needed, ensuring you adapt to stay strong in the market.
