It is no secret that the construction industry will be looking at some major shifts in the market in a post-pandemic world. Once the pandemic subsides, the industry has to face some tough questions about its future. How will it protect its workers? Will the vaccine be as effective as we hope it would be? Is that enough to stop the spread of the virus, or do we have to practice social distancing in construction sites, too?
Shortage of Workers
There is already a shortage of construction workers even before the pandemic. Construction companies are already having a hard time employing skilled workers, as many of them left the industry during the previous housing crises. With the volatility in the market well-known in the industry, manual laborers have long felt that it was time for them to find new opportunities.
In the post-pandemic, this is going to be a problem. The industry will explode as more investments are poured into real estate, whether residential or commercial. Who will do the work?
The Bubble
Many construction companies made themselves their own NBA bubble. This meant that they have to house the workers on the site for them to continue with their projects. They had to provide more benefits and compensation than they were ready to. The workers have to be tested regularly to ensure no local outbreak in the construction site. These, of course, put a strain on the company’s resources.
Modular Homes
There’s going to be a shift from constructing a house on-site to transportable kit homes. This makes it easier for construction companies to monitor their workers for safety purposes. The idea is that they don’t have to travel to different locations for different projects. They can stay in the facility where they construct these modular homes. Even consumers agree that this is a practical plan.
Home Design
The design of the home will change dramatically because of the pandemic. The market will want bigger homes. They will want outdoor spaces and home offices. This means there are bigger projects and tighter deadlines, too. Since people are now working from home, they finally realized the importance of having that small home office overlooking the garden. When everything inside the home turns crazy, they can take shelter in this room and work in peace.
That means that if modular homes are the norm, then the industry will build bigger transportable homes. Is it ready for that shift? How about mobile-home parks? What will be the impact of this new home design on mobile parks? This new demand will not only shift industry-specific policies but will also create a new culture.
Prices
Construction prices will rise. Even though the industry desires to go back to normal, the real question is how much it would cost it to keep up with the new demands and challenges. With the shortage of workers a genuine challenge, contractors will be forced to pay their existing workers more since they will have to do more. They will pass this extra expense to the consumers, who have to secure the loan and repay the mortgage for many years to come.
The future of the construction industry is on a good track. The market will continue to want to invest in real estate. They need the industry to survive, too. However, it will not be a walk in the park. The next few years will take their toll on the construction sector. Hopefully, with varied options such as modular homes, it will continue to thrive and weather the storm.
