Supply Chain Impact to Construction
We were joined by three highly experienced and knowledgeable panelists who gave their thoughts on the challenges we are currently experiencing in the construction industry related to supply chain and labor shortages.
Suzanne Bennett, the Operations Manager at SourceBlue, a subsidiary of Turner Construction, discussed global traffic patterns and freight capacity related to shipping delays and projections. She also discussed migration patterns related to labor force and shortages especially related to the construction industry. Lastly, she shared workforce statistics regarding global manufacturing and what is leading to slowdown(s).
Melissa Coe, a Senior Project Manager at Vermeulens, provided an economic summary reviewing current GDP growth and unemployment rate including construction jobs. She shared a construction cost index projection with comparing trendlines. She shared escalation forecast and focused on construction labor year-over-year growth per city/state.
Kevin Hansen, the Vice President of Preconstruction at Windover Construction, provided helpful insight on current estimating practices to account for market instability and rising escalation. He gave examples of procurement strategies for A/E teams and owners to help get in front of long-lead items.