ONE BIG IDEA DESERVES ANOTHER
Big thoughts are fun to romanticize, but it’s many small insights coming together that bring big ideas into the world.” ~ Scott Berkun, Author/Speaker
What are the latest trends in the construction market? This is now the longest economic expansion in history and in June, we broke the longest economic cycle in history. This means we have entered uncharted territories with not a lot of great history to show what is going to happen over the next few years. We all know there are ups and downs in construction and whether I like it or not sometimes it is nice to let things catch up. Without this catch-up, economists are forecasting we currently have a 300,000 job shortage in the U.S. per the Denver Post with another 747,000 shortage by 2026.
I think we all like it when our home prices go up (well, if you are selling, that is) and people are willing to pay more for the same house. This is the same in the developer world. If the numbers pencil out, the developer will be able to build their projects. If the costs increase, they have to wait until the data shows that they can build. Increased rents, salaries, etc. all play into these numbers — they will keep building as long as the numbers pencil out. With the economy today, it is getting harder and harder for things to pencil out for cities, developers, and other to meet budget. (If you haven’t heard yet, DIA has said they are $311M over budget on the Great Hall project, per CBS 4.)
So what does this mean to our company, you might ask…and what does this mean to me? It means we are entering new times of uncertainty. For our company it means there could be projects that start, but then stop abruptly, it could mean we get so many projects that the shortage of people we have today doubles, or it could mean nothing.
We stress process throughout our company; we have certain ways of doing everything (whether you do it the ‘Weifield way,’ or not) — so that we can achieve consistent results and add more certainty to our future. From the way the mail comes into the company, to the way we improve our project execution, these times of uncertainty test out our processes and really get us to think outside the norm. This is why we call it advancing process.
The market trends are leaning toward more automation and artificial intelligence in the construction trades. We have seen brick layers use robots to lay brick and hang drywall, we have seen our people using computers to design and layout projects, we have seen goggles that show the BIM models on the project, prefabrication being utilized off site, and the list goes on and on. Let’s get real. We know the projects are being planned out, designed, and executed exactly like they used to be. We know there are people in our company that don’t hold the same workmanship standards and dedication to the craft as we had, previously. As we navigate these changes, the question to ask ourselves is….am I part of the solution or part of the problem? Am I helping to keep us strong through these times of uncertainty? Am I coming up with IDEAS that can help the company overcome shortages of manpower, cut costs, develop a stronger workforce, build a strong culture, and leave the trade better for the next generation? If we are to wait for someone else to come up with the solutions, we will be limited to those few who generate the ideas. WE NEED YOU! Don’t just work here — be a part of Weifield. Come up with ideas and solutions to all the things that we struggle with every day.
In the coming months, we will be issuing the Weifield Blueprint. This blueprint will have our 90-day milestones (or Stones for short), 365-day plan, 1,000-day plan, BHAG, marketing proven process, and parking lot items that have been being addressed in the company — all contained within an easy-to-read blueprint. (Yes, I said blueprint…we are in construction, right?) Abraham Lincoln once wrote: ‘A house divided against itself cannot stand’ — we would like input on all these upcoming items as we all want to be rowing in the same direction. [See Matthew 12:22-28 New King James Version (NKJV) for more thoughts on this topic.]
With us all focusing and moving in the same direction, we can make great things happen and become the #1 industry leader! What will YOU do to help? Until next time.