Costs for materials seem to be escalating all around us. Some industries are experiencing more of this than others. As an association director, I am responsible for large meetings and events.
As I think about the words of the Italian diplomat Niccolò Machiavelli, “Never waste the opportunity offered by a good crisis,” I can’t help but think how that relates to us today.
Construction profit margins are amongst the lowest, and tightest, of all industries. Time, supply costs, and unexpected delays are all risk factors that play a role in this reality.
It is no secret that the U.S. is suffering from a post-pandemic labor shortage. The commercial construction industry was already suffering labor losses prior to Covid-19 and is finding it even more difficult now to attract skilled and general labor.
Lumber and steel, drywall and insulation, new cars and rental cars, computer chips and bacon. What do these commodities all have in common? They are in short supply.