The latest construction news from around the globe…
Catch up on what’s going on in construction this week. From an update on two multibillion-dollar projects in the US to a new report that suggests an increase in the use of contech, we’ve got you covered on all the industry news from around the world.
Status of 2 Multibillion-Dollar U.S. Construction Projects Signifies Further Economic Uncertainty
Two major US projects, a $9.4 billion petrochemical plant in Louisiana and a $10 billion LCD manufacturing plant project in Wisconsin, have both been halted indefinitely as per a recent report from Construction Dive. According to AGC of America chief economist Ken Simonson, who spoke at Procore’s annual Groundbreak conference in late October, the construction industry could soon see economic conditions further worsen as money from PPP loans dries up and a realistic date for a widely available vaccine remains uncertain.
State of UK Construction Remains Strong Despite Other Suffering Sectors
Although the UK economy has taken a sharp downturn as a result of the pandemic, the construction sector remains to be one of the few bright spots in an otherwise bleak economic outlook. Building firms across the country have continued to bounce back after an initial contraction that took place during the spring. While most construction managers are cautiously optimistic about the coming months, many managers believe that job cuts will continue through autumn and reduce the industry’s overall level of employment.
Why the Pandemic Presents an Opportunity for the Industry
Procore Canada VP Jas Saraw recently sat down with FMI Corporation Principal and Managing Director of Research Jay Bowman at Procore’s Groundbreak conference to discuss where opportunity lies in the industry today. The two thought leaders primarily talked about the macroeconomic environment construction is going through in the near term and how innovation is helping shape the industry’s future going forward. Get a full breakdown of the session here.
Procore Acquires Estimating Software Provider Esticom
Procore recently announced it had acquired Esticom, a cloud-based estimating and takeoff solution and leader in preconstruction technology. In a public statement, Procore CEO Tooey Courtemanche said, “Together, Procore and Esticom will deliver a single, comprehensive preconstruction solution on the Procore platform, with data connectivity that helps customers track costs and accurately predict estimates.”
BD+C’s 2020 Building Team Awards
For the 22nd consecutive year, BD+C put out its list of winners for the 2020 Building Team Awards. Among the projects in the spotlight are the Statue of Liberty Museum, Allianz Field, and the Long Beach Civic Center. See the full list here.
New Reports Shows Increase in Contech Adoption Amidst COVID-19
A recent report shows that 26% of owners, 24% of specialty contractors, and 20% of head contractors have adopted technology in response to COVID-19. With more construction firms necessitating the ability to do conduct business remotely, it’s clear that construction technology will be taking on a bigger role as the pandemic continues to persist around the world.
WATCH: Construction Equipment Maker Hilti Unveils Its Overhead Drilling Robot
If you have an extra moment, take a look at Jaibot, a semi-autonomous overhead drilling robot, and one of Hilti’s latest product releases. Jaibot is the first robot Hilti’s has ever released and features 8 hours of runtime off of a full charge and 16 feet of overhead range. Click here to see Jaibot in full action.
This was just an appetizer. Are you ready for the full course?
Dive into more business news, check out the latest tech trends, and get a couple quick tips from our safety section. And as always, check back in next Friday for the most up to date feature of The Weekly Grind!