4 Interesting Findings from Foundation’s 2021 Construction Business Report
The construction industry is ever-evolving—and 2021 was no exception. To see how contractors did this year, we partnered with Foundation Software on their 2021 Construction Business Report.
About the survey
Foundation’s survey ran from June 1, 2021 to August 2, 2021.
In total, 810 construction professionals across the US and Puerto Rico participated. A majority self-identified as general contractors or construction managers. For trades, electrical and site work/excavation were the most represented.
They answered 23 questions about:
- Software and business practices
- Tools used in the field
- Construction-specific CPAs and data security
- Impact and outlook of COVID-19
Our top four takeaways
1. Companies want to improve communication.
The top goal for construction companies next year? Improve business practices—more specifically, communication.
36% of participants say they experience the most inefficiency with “communication and collaboration issues between teams”. While 194 participants want better project management tools, 148 want better equipment and tool tracking.
The second highest inefficiency was manual processes at 32%. Construction teams are always busy, so saving time where you can is key to building better projects. And mobile data capture with construction software (like Raken) can help.
2. Emails and spreadsheets are still (very) common.
Speaking of manual processes, a lot of contractors are still relying on them for collecting field data.
353 participants use email—and 252 use paper spreadsheets—to transfer field data to their office software. Unfortunately, that means more manual entry (and in some cases, sorting through mountains of paperwork).
That’s why more and more companies are switching to digital solutions, like daily reports.
3. Most companies work with a construction CPA.
A CPA, or Certified Public Accountant, is a trusted financial advisor who helps you plan and reach your financial goals. Construction is all about productivity, so hiring a CPA can help ensure your project budget stays on track.
Only 6% of participants don’t work with a CPA. Out of the rest, 31% work with a CPA that doesn’t specialize in construction.
Having organized time card data can help you keep tabs on your productivity, without taking away from your crew’s day.
4. Despite COVID-19, businesses are eager to finish 2021 strong.
With the pandemic came supply chain issues, labor shortages, and project delays. However, many businesses indicated their revenue was positive.
72% of participants have a positive or very positive outlook for the end of 2021. This shows the true resilience (and drive) of the construction industry.