Has there been a lag in the adaption of new and innovative technology in the home building trade? An article floating around the internet titled, Time to Change Platforms and written by Sam Rashkin, has likened the industry’s outdated processes to 'the proverbial frog in the pot of boiling water.'
Rashkin compares the progress of building industry over the last 100 years compared to the automotive industry and uses the evolution of wood framing and its creation of problems as an example of how the industry has progressed. He goes on to write that looking at other options and into changing platforms is important and can change the industry for the better and that it may begin solving some of the problems that homebuilders run into.
The State of The building Industry
Currently, the construction sector is facing a shortage of qualified labor. Results from a survey distributed in September by the Associated General Contractors of America (ACG) reported that 86% of contractors across the U.S. are struggling to fill hourly craft jobs or salaried professional positions.
However, according to the National Association of Home Builders (NAHB) First American Leading markets index (LMI), the housing market is gradually strengthening as the economy firms and job creation continues. Out of 340 metro area markets, 117 of them have bounced back or exceeded their normal levels of economic and housing activity in the fourth quarter.
Millennials, ages 18 to 34, make up over a quarter of the US population and are favoring products integrated in technology, ethical, sustainable, and environmentally friendly. They do not spend as much on traditional retail, but they are still changing industries in every sector. The Home Depot recently conducted a study which found that, among millennials who are renters, 57% viewed home ownership as an important goal, compared with 38% of Gen Xers
What’s New in the Industry?
Everything from Building Information Modeling (BIM), Structural Insulated Panels (SIPs), technology apps on site, 3D printing, green and sustainable building technology, smart home technology, and drones for surveying are being implemented to make the home building and purchasing process easier and more efficient.
Technology is improving a number of different industries to create a safer, well-organized, and stronger trade, and the building industry is no exception. The implementation of technology in the industry can lure, not only the millennial buyers to the housing market, but also millennial-aged professionals into the construction sector. With new technology we can begin to address the problems in the industry by turning our attention to new options to develop solutions and strengthen the industry.