PROJECT MANAGEMENT

Amid unprecedented financial pressures , what measures should construction companies take to succeed financially , technologically and operationally in 2021 and beyond ?

WRITTEN BY : DOMINIC ELLIS

Beyond the headlines , however , the situation is nuanced .

Returning to fundamentals , the construction and engineering sector contributes 13 percent to global GDP – and to most observers , it will play a vital role in the post-pandemic recovery especially as infrastructure investment looks set to rise globally , fuelled by government capex programmes .

The UK housing market has been riding a wave , although admittedly it ’ s unclear how much was down to real demand or a short-term response to measures such as the Stamp Duty holiday ( since extended to the end of June ). With a successful vaccine roll-out , and gradual return of confidence , that momentum could be maintained into summer and beyond .

In his new book , How To Avoid A Climate Disaster , Bill Gates writes the world is undergoing a huge construction boom and to accommodate a growing urban population , we will add 2.5 trillion square feet of buildings by 2060 – “ the equivalent of putting up another New York City every month for 40 years ”.

While the industry remains under intense pressures , and scrutiny is sure to intensify as countries strive to meet net zero emission targets , the overall message is demand for construction will continue long after Covid – although it ’ s equally true that the pandemic has rewritten the rulebook , and rapidly accelerated digital transformation . Construction companies need to be clear how best to survive and thrive in the new era .

Seven steps to success McKinsey has outlined short and long-term measures that will help construction emerge stronger after coronavirus :

34 April 2021