This year’s AIA Conference on Architecture & Design (AIA24) in Washington, D.C., may have drawn to a close, but here are three key takeaways from the show curated by the ConstructConnect team to help building product manufacturers and preconstruction professionals improve year-round planning, quickly qualify projects, track trends, and ultimately increase their specification rates and project pipelines.
1) AI Is Transforming the Preconstruction Industry
Artificial intelligence (AI) in construction was a popular topic during AIA24 – and the ConstructConnect team was ready to share how we are incorporating new artificial intelligence-based features in our solutions to help customers streamline workflows and save time.
Interest at the show reflected a growing awareness that generative AI models can help construction industry professionals reduce repetitive work, improve productivity and increase margins. This is particularly important as 1 in 5 construction professionals is 55 years of age or greater, according to data from the U.S. Bureau of Labor Statistics, and the industry’s next generation will need support to quickly ramp up and take on future projects.
In response to this growing need, at AIA24, our team showcased ConstructConnect’s Takeoff Boost™, a new artificial intelligence-based add-on feature for ConstructConnect On-Screen Takeoff®. Takeoff Boost makes it easier to quickly qualify projects by automatically counting objects, performing area and linear takeoff measurements on architectural floorplans, identifying wall types, and creating conditions automatically. Powered by ConstructConnect’s innovative AI, it can perform review and perform specific measurements on up to five pages of plan documents in as little as 30 seconds, giving professionals more time to focus on what matters most: analyzing results, perfecting pricing, and winning more bids.
Learn more about Takeoff Boost here.
2) Renovations Are on the Rise as the Market Favors Buying Over Building
During the conference, ConstructConnect’s Sr. Economist, Michael Guckes, presented “Building Beyond Today: Preparing Construction Leaders for Tomorrow’s Economy.” Guckes drew upon ConstructConnect’s proprietary economic analysis to share our latest Construction Starts Forecast through 2028.
Among the opportunities he discussed, renovation work seemed to most catch the audience’s interest. With today’s combination of high construction costs and falling commercial real estate prices, renovation has become more appealing for value-conscious commercial real estate owners. According to Guckes, ConstructConnect’s overall expectations are for a 32 percent surge in renovation work through year-end 2024, and 5-7% growth through 2028 – roughly double our expectations for overall starts. Segments expected to benefit from renovation demand include multi-family, office, and nursing home properties among others.
Unsurprisingly, a related insight that resonated with audience members is that the Buy vs. Build equation still favors buying, as the cost of building and financing commercial real estate has greatly outpaced price trends for existing structures. Adding to that calculation, the prices of new construction properties are being depressed by falling prices for existing properties.
These and other insights are made possible through the range of Economic Resources offered by ConstructConnect’s Economics team, including a monthly Construction Economy Snapshots, quarterly Construction Starts Forecast, quarterly Put-in-Place Forecast and more.
Learn more about our Economic Resources here.
3) ConstructConnect’s Industry Partnerships Continue to Enhance Construction Specifications
While at AIA24, ConstructConnect joined our industry partner, Deltek, to showcase our collaboration on AIA MasterSpec®, a cloud-based software solution available through Deltek Specpoint™.
AIA MasterSpec revolutionizes how product manufacturers collaborate with architects and engineers to efficiently develop construction specifications. Created in 1969 by the AIA, this solution is an industry-leading building and construction specification resource designed to allow architects, engineers, and design professionals the ability to easily create project specification documentation. Today, MasterSpec is a comprehensive library of specifications that covers over 1,700 sections organized in full-length, short-form, and outline formats. With more than 60,000 users and 900 master guide specifications, it is the most comprehensive and trusted collection across architecture and design.
Partnerships with industry associations like the AIA and leading solution providers like Deltek are what make ConstructConnect’s project data insights and analysis so robust. They reflect our shared commitment to construction specification innovation and excellence, providing solutions that meet the evolving needs of the preconstruction industry.
If you’re interested in learning more about how ConstructConnect’s solutions can help you increase your specification rates and grow your business, click here.
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