Focusing on profit is a priority shared by executives across all industries. But this responsibility becomes even more crucial for leaders in the construction sector—known for its notoriously tight margins.
Construction executives are feeling the pressure to perform: Associated Builders and Contractors found that less than half of American construction professionals (40%) expect no change in profit margins. In comparison, 36.8% expect them to increase slightly.
Keeping a close eye on project costs is crucial to construction success, especially in today’s economic climate. It’s a tough landscape, and to stay ahead, construction executives must successfully navigate three major economic pressures:
- Higher inflation and interest rates
- Supply chain disruption
- Workforce and talent gap
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