Significant Digital Transformation Underway as Research on U.S. and Canadian Construction Sector Suggests a Data-driven Future

Procore Technologies, Inc., a leading global provider of construction management software, released its construction industry benchmark report How We Build Now: Technology and Industry Trends Shaping U.S. and Canadian Construction. Procore partnered with Censuswide to investigate how general contractors, business owners and specialty contractors view the industry today.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230622338777/en/

Confidence around construction industry market conditions (Graphic: Business Wire)

Gathering insights from more than 1,000 construction professionals, the report examines the current construction climate in the U.S. and Canada, the digital maturity and adoption of construction technologies, as well as the most pressing challenges and opportunities presented by the skilled workforce shortage.

"We are excited to unveil this comprehensive industry report, which sheds light on key trends and insights shaping the future of our industry," said Anthony Frattali, head of region, North America, Procore. "With this report, we aim to empower industry stakeholders with valuable knowledge and actionable strategies to thrive in the evolving construction landscape.”

Construction Industry Remains Optimistic

Construction leaders are optimistic as they look towards the next 12 months with 90% of respondents stating they are confident about industry conditions. Despite persistent challenges such as the increasing cost of materials and supply chain issues, 74% of respondents expect the number and value of projects completed by their organization to increase in the coming year.

The rising cost of materials and supply chain disruptions have spawned economic headwinds, impacting margins and profitability. Approximately 33% of general contractors and specialty contractors report that volatile material costs have eroded their profit margins, while 38% of owners indicate higher project costs as a result of these fluctuations.

Current State of Digital Transformation

There is significant digital transformation underway in both markets, led by owners. Approximately one in four (27%) owners consider themselves to be a digital-first business and roughly two in five (44%) owners say they are well on their way to adopting digital formats and workflows.

​​This high level of digital adoption by owners contrasts with the state and speed of digital transformation in the rest of the construction sector. Approximately one in three general contractors (30%) and specialty contractors (32%) are either just starting out or have not yet started on their digital transformation journey.