Training & Technology

57% of the respondents reported they do not have in-house training programs. With the need for increased training in safety standards and new technologies, training both in best practices and technology emerges as a 'must have' for many construction companies. There appears to be need for more improvement in this area.

Profitability

52% of the respondents cited change order disputes as the largest cause of litigation. With the need to increase profitability, many of the respondents may begin to look at ways in which to control costs through exploring opportunities to reduce change orders.

Financial Tools and Controls

57% of the respondents stated that their companies have instituted fraud control plans. With data from the Association of Certified Fraud Examiners (CFE) indicating that companies lose an average of 7% of their revenue to fraud (CFE), the fact that just over half of the firms reported fraud control plans appears to suggest that greater control in this area is needed.

Business Development

57% of respondents indicated that they have a business plan; only 40% noted that they have a marketing plan. The survey indicates that lack of use of standard business planning tools (i.e., business plans, marketing plans) is another emerging trend in the construction industry and may have a significant effect on the growth of an industry that demonstrates generational and familiar characteristics for supporting business growth. Only 76% of the respondents noted that they have a website. The construction industry is increasing its reliance on web-based documents, forms and communications and the fact that almost a quarter of the firms surveyed do not have websites is another telling characteristic about the way in which a traditional industry such as the construction continues to operate.

The Future

In general, firms surveyed were moderately optimistic about future growth, despite the current economic downturn. Almost 80% of the respondents indicated that their firms are growing or at least leveling off. However 18% of the respondents indicated that they saw their firms declining.