PlanHub’s Q2 Thriving in the Dynamic Construction Market report uses key insights from over 340,000 companies and 700 general contractors to shed light on the industry and today’s market
PlanHub, the leading cloud-based software as service (SaaS) preconstruction platform, today announces the release of its Spring 2023 Construction Industry Report. Q2 Thriving in the Dynamic Construction Market provides crucial insight into the trends driving market conditions and explores the strategies general contractors and subcontractors will use to navigate the headwinds.
The Q2 report analyzed platform data from over 340,000 companies using PlanHub. In conjunction with the platform analysis, a special survey of over 700 construction professionals was conducted. The emerging consensus from the report indicates that personal references will continue to play a pivotal role within the industry, 2023 market conditions, and the rise of civil projects.
“Market conditions for 2023 have been complicated and mired with speculations,” said PlanHub CEO Ro Bhatia. “From discussions of an imminent recession to preparing for the corresponding economic hurdles, and now eagerly awaiting the next jobs report for any new indications. Meanwhile, construction professionals and the industry have continued to persevere and grow, with more projects coming online daily.”
Q2 Thriving in the Dynamic Construction Market examines general contractors’ and subcontractors’ views on their experiences so far in 2023 and their outlook on the construction industry for the remainder of the year.
Key Takeaways:
● The Power of Word of Mouth: For general contractors and subcontractors, word of mouth and networking remained the driving force for marketing, bidding potential, and project acquisition.
● Differing Opinion on 2023 Market Condition: When it comes to confidence in the 2023 market, one-third of both general contractors and subcontractors expressed optimism. However, there is a notable difference in their levels of concern: only 19% of general contractors voiced worries, whereas 44% of subcontractors reported feeling apprehension about the market’s future.
● Civil Construction is Booming: From Q4 of 2022 to Q1 of 2023, PlanHub has seen a 500% increase in Civil Projects posted to the platform. Road and highway projects were the leading contributors to this growth, with an increase of nearly 900%.
“To navigate this ever-moving and dynamic market, general contractors and subcontractors must leverage multiple strategic approaches to growing their business,” said Bhatia. “From word-of-mouth referrals to the adoption of digital solutions that increase their networking ability and allow them to stay up to date with industry trends. This is how general contractors and subs will survive and thrive in 2023.”
To download the Q2 PlanHub Construction Industry Report, click here.
To learn more about PlanHub’s bid management solution for general contractors and subcontractors looking for a simpler, faster way to work, visit www.PlanHub.com