Using Process Key Performer Indicators to Measure Performance

Observing that each construction project has its own unique set of conditions that need to be monitored as the project progresses, a recent study conducted by Dodge Data & Analytics for Autodesk asked more than 200 U.S. general contractors (GCs) and specialty trade contractors how frequently they engage in six categories of process key performance indicators (KPIs): construction documents, requests for information (RFIs), change orders, schedule, safety/inspections, productivity, and quality/close-out. The results showed that while 59% of respondents said they log RFIs most of the time, only 25% reported that they frequently record errors, omissions, and/or constructability issues found in b

Construction Data Trend - Summer 2018

Construction starts surged 15% in May, as construction activity reached its highest level in eight months. Total construction starts for the first five months of 2018 amounted to $299.9 billion, down 3% from the same period a year ago. From April to May, nonresidential construction rose 18%, residential building remained unchanged, and non-building construction jumped 39%. Contributing to the strong performance in non-building construction in May was a 47% gain in the public works category, and a 25% increase in water supply construction. The advances in nonresidential building in May were driven in part by a 138% leap in the amusement and recreational building categories. The flat performa

Prices of Lumber and Other Materials Rise Sharply

Building materials costs have risen sharply in recent months, with the demand for lumber in particular increasing dramatically even as supply is tightening due to a combination of factors, including the effects of U.S. import duties on Canadian lumber, wildfires, and insect damage to coniferous trees, industry groups have reported. According to the National Association of Home Builders (NAHB), softwood lumber prices soared to a record-high $543 per thousand board feet for the week ending May 11, and May futures contracts were selling at the “previously unthinkable” $600 range. The NAHB estimated that since January 2017, rising lumber prices have increased the price of an average single-famil

Harness the Power of Blockchain Technology

When buying and selling bitcoin and other digital cryptocurrencies became a popular investment strategy, the concept of the blockchain entered the public discussion for the first time. But while many Americans have heard of the technology, its potential applications in the construction industry are just starting to become widely understood. In addition to underpinning digital currencies, blockchain technology could have far-reaching implications for how the construction industry conducts transactions and collaborates,increasing productivity and facilitating the swift resolution of disputes. Simply put, blockchain is a secure means of exchanging real-time information and conducting transfers

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