Amid inflation, labor shortages, and geopolitical unrest, construction leaders today are shifting their focus away from growth and toward risk management. As banks tighten up loan standards and with the cost to borrow money expected to remain high, staying within budget has never been more important.
In this uncertain economic environment, developers are trying to transfer risk to general contractors, who are trying to shift it to trade partners. It’s all part of the natural construction lifecycle, which is cyclical and closely tied to overall market conditions: When claims go up, the cost of insuring against risk soars. When the labor market is tight, companies look to less experienced workers, which can decrease efficiency and increase errors. And when interest rates are high, it becomes prohibitively expensive to take out a loan. All of these increase risk in construction.
SiteAware recently brought together experts from across the industry, including leaders from AXA XL, ANDRES, Austin Commercial, and Greystar, in a webinar focused on growth and risk in construction. The consensus was clear: Technology can play a key role in mitigating risk on the job site.
Download the full webinar below: