That is my favourite time of the 12 months. True, right here within the states we’re seeing the climate cool to a crisp and the leaves flip to orange, pink, and brown, in some elements of the nation, however there’s one more reason why I like to twist up at my workplace desk with the window cracked open. Predictions! It’s the time of 12 months the place everyone seems to be making grandiose predictions about what’s to come back within the subsequent 12 months—or the subsequent 5 years.
Analysts, associations, business, and academia are all getting out their crystal balls to foretell what subsequent nice expertise will take middle stage. Now, to be honest, many of those predictions usually fall flat on their face. We have to take what everyone seems to be saying with a grain of salt. However the vitality and pleasure that comes with this time of 12 months is palatable. Maybe most significantly, practically each firm can take one thing away from these predictions and use it when creating objectives for the 2024 12 months.
That’s maybe one more reason I like this time of 12 months a lot. It’s a time to foretell and plan. It’s a time to start excited about what’s going to go on the calendars for 2024—and what won’t. It’s a time to replicate on what went nicely in 2023—and what didn’t.
With all this in thoughts, I need to use the subsequent few weeks to actually dig into some predictions to be able to higher plan for the 12 months forward. If not, now, then when?
Let’s begin this week one instance launched earlier this month: JLL’s Development Tendencies & Midyear Replace report. This analysis appears to be like at how 2023 has unfolded, whereas additionally offering a set of projections for the top of the 12 months. I like how the group sums it up: the development business is between a increase, enterprise as ordinary, and a pointy downturn.
There are 4 large takeaways on this report:
General well being: The development business is in a interval of heightened exercise, however financing constraints have pushed declines within the final quarter. A colder future is projected.
Workforce: The labor scarcity remains to be a battle, with excessive prices and lagging productiveness. Seeking to the long run, there might be a larger concentrate on expertise retention methods.
Supplies: The provision chain has stabilized considerably. Future value will increase are anticipated to be extra manageable than prior to now.
Whole prices: With an impending slowdown, building corporations should strategize their subsequent steps and the potential restoration timeline for financing points.
All in all, building wants to arrange for a slowdown, as supplies costs stabilize considerably, however the labor scarcity nonetheless stays a problem. How will you place methods, processes, and applied sciences in place to arrange for this future?
Author: Laura Black
Date: 2023-09-26 04:18:00