Last Updated on February 28, 2023 by Admin
Ahmed Ezz, businessman and steel industrialist, is the founder of Ezz Steel, a company that grew to become the leading steel producer in the Middle East.
In his former role as a member of Egyptian parliament, Mr Ezz recognised the growing need for affordable housing in Egypt.
This article will explore global construction trends for 2023, from persisting labour shortages to new modes of construction.
Increased Emphasis on Performance
Despite a relatively positive industrywide response to the pandemic, construction material shortages have caused delays and price spikes, impacting the profit margin of construction projects.
Hampered by increasing goods prices combined with unpredicted delays, constructions are under even more pressure than ever before to perform.
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Persisting Labour Shortages
One of the most noticeable global construction trends of the past few years has been ever-increasing labour shortages. Although the issue is nothing new within the construction industry, the problem is not predicted to improve anytime soon.
According to Deloitte, 52% of construction and engineering executives report that their business is facing severe labour shortages on job sites. With a rising need for qualified candidates driven by the increasing complexity of construction products, there is currently huge demand for data scientists, data engineers and software programmers.
To avoid losing project bids and project cancellations and delays, it is vital for construction companies to prioritise attracting new, quality talent.
New Modes of Construction
The challenge of maintaining profitability while demonstrating enhanced sustainability has led to the development of new modes of construction.
Having taken root in the 1940s but fallen out of favour over the decades, prefab and modular construction have started making a comeback in recent years, enabling constructors to assemble structures quickly at vastly lower cost in response to a growing global crisis in affordable housing.
3D printing is another potential game-changer for the construction industry. From printing construction materials to entire buildings, this innovative technology is predicted to have a great future, culminating in 3D printing industry worth more than $63 billion by 2026.
Large Infrastructure Projects
Egypt’s construction sector has remained relatively buoyant despite challenges, with the country’s construction industry predicted to grow by 9.7% in real terms in 2023. Despite a slight drop in industrial output, large infrastructure projects are underway throughout the country, with projects such as New Galala, New Alamein and the New Administrative Capital positioning Egypt’s construction industry in good stead for relatively strong growth throughout 2023.