KPMG: ‘Excellent Opportunities’ Ahead
Industry leaders and project owners are optimistic about the construction market while remaining concerned about project delays, fluctuating prices and risk exposure, according to KPMG’s “2023 Global Construction Survey.”
KPMG surveyed representatives of nearly 300 engineering and construction companies and owner groups around the world about the state of the industry, including pain points and bright spots. Key takeaways include:
Nearly 70% of respondents are optimistic about the direction of the construction industry, with 38% of project owners being “very optimistic.”
About 40% of E&C respondents expect revenue growth of more than 10% in the next 12 months.
Half of respondents cited the importance of workplace demographics in helping to address industry disruption, with diversity, equity and inclusion ranked as the third most important factor for determining future success.
More than 80% of E&C firms are adopting mobile platforms, with 43% using robotic process automation and 37% adopting AI.
“[T]he combination of widespread government infrastructure stimuli, the renewable energy revolution, increasing capital investment in strategically important sectors and a post-COVID-19 pipeline,” the KPMG survey report finds, “create excellent opportunities for … E&C companies.”
And the Awards Go to … GSA!
As the federal government’s centralized procurement agency, the U.S. General Services Administration is no stranger to awards. But usually, they refer to bids and contracts.
Now GSA is getting into the business of handing out trophies with the biennial GSA Construction Awards program, debuting in July. The new awards will recognize “outstanding achievements in construction, with a focus on quality and craftsmanship, collaboration and team dynamics, sustainability, innovation and technology,” according to a GSA press release. There will be three main categories: capital projects (over $3.6 million), small projects (under $3.6 million) and alternative financing projects (regardless of size).
The awards will be presented at the inaugural GSA Construction Awards Ceremony in 2024. For more information, visit gsa.gov/real-estate/design-and-construction/construction-excellence/construction-awards.
