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2023 Construction Market Forecast: A Bright Future

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The construction industry has faced its fair share of challenges and uncertainties over the years. From the impact of the global pandemic to environmental concerns, contractors have had to navigate through various ups and downs. However, despite these challenges, the construction market is expected to experience growth in the coming years. This blog post will provide an overview of the construction market forecast for 2023, specifically aimed at PlanHub contractors.

According to recent research, the global construction market is projected to grow from $12.9 trillion in 2019 to $21.5 trillion by 2023. This impressive growth forecast can be attributed to several factors. One of the main drivers is increased investments in infrastructure and real estate projects, particularly in emerging markets. Such investments are expected to provide a significant boost to the construction market in the coming years.

Another factor contributing to the growth forecast is the technological advancements in the construction industry. The adoption of technology has enabled contractors to streamline their processes and reduce project timelines, resulting in increased efficiency and cost savings. The use of tools such as drones and Building Information Modelling (BIM) has transformed the construction industry and made it much more sophisticated than ever before.
Building Information Modelling (BIM) PlanHub
The construction industry has been transitioning towards sustainability in recent years, with contractors embracing eco-friendly practices and materials. With global climate concerns on the rise, the demand for sustainable and energy-efficient buildings is expected to increase significantly. This demand is expected to create a significant market opportunity for contractors who are ahead of the curve in terms of sustainability practices.

The construction market in North America is also expected to experience growth in the coming years, particularly in the United States. The growth can be attributed to several factors, including the government’s emphasis on infrastructure development and increased investments in the real estate sector. The growth in demand for affordable housing is another driver of the construction market in North America.

The future looks bright for the construction industry, with a projected growth forecast of $21.5 trillion by 2023. Emerging markets, increased investments in infrastructure, technological advancements, sustainability practices, and the growth in affordable housing are all expected to drive this growth. As a PlanHub contractor, it is essential to stay informed and ahead of the curve to remain competitive in the construction market. By staying informed and adopting innovative practices, contractors can tap into this growth opportunity and reap the benefits.
About PlanHub
PlanHub is the fastest-growing, cloud-based preconstruction platform that connects general contractors, subcontractors, owners, and material suppliers to build relationships and improve how they collaborate, manage their business, and win more projects. Created by contractors, for contractors.

PlanHub is the most trusted end-to-end pre-construction platform, serving 55,000 general contractors and 350,000 subcontractors. PlanHub provides easy-to-use tools that connect construction professionals, simplify the bidding process, accelerate takeoff and find more leads, and access to in-depth market intelligence and dedicated personal service and support to help manage and grow their businesses.

PlanHub. Simplified Preconstruction for Everyone.

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    Data and Deep Insights

    We make construction smarter by connecting with the right people, at the right time, for the right project.

    With our technology and data intelligence, we empower construction professionals to easily build the right business relationships, streamline pre construction processes, and make efficient decisions.

    From competitive intelligence in each project allowing you to know how many other contractors are downloading or bidding to insights as to contractors’ performance, we provide the data you need to lead your business to success.

    By providing faster, simpler, and unmatched data insights in each step of the pre construction process, PlanHub helps your business lay a strong foundation for the success of the rest of the construction process.

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    Bid Leveler & Proposal builder

    Comparing bids to one another has never been easier. Users can now see bids side by side, compare bid amounts, and review subcontractors’ certifications and qualifications all in one place.

    Bid Leveler’s apples-to-apples approach allows you to easily drill down and see detailed, easy-to-scan cost breakdowns. Indicate bid preference, hide bids that don’t meet your needs, and request needed information from subs.

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    Full Bid Management

    From the initial decision to pursue a project to the final bid submission and follow up, bid management plays a central role in pre construction.

    Effectively managed bids during the preconstruction phase set the stage for a successful project execution and satisfied clients.

    Streamline bid management from project posting to estimating, bidding, and awarding in one place with easy project posting, project-contractor automatic matching based on trades, location, and qualification with PlanHub.

    Use bid planner, bid builder, bid leveler, and award tools to always know what’s going on with each project and bid.

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    Estimation and TakeOff

    Let’s face it—time is money. And the more time it takes to perform takeoffs and submit bids, the more you risk losing out on valuable revenue opportunities. Manual methods and locally installed desktop software slow your takeoff process, and many digital solutions currently on the market can be overly complex and not user-friendly. 

    Build faster takeoffs, get more bids out the door, and win more projects. Forget pen and paper, outdated desktop software, and overly complicated digital takeoff solutions. PlanHub’s easy-to-use Takeoff tool helps you and your team build accurate takeoffs faster, minimize errors and material waste, and win more projects that boost your business growth. Performing your takeoffs with PlanHub allows you to:

    • Streamline and integrate your process: Perform your takeoffs in the same platform you use to manage your network and bids.
    • Avoid costly estimating errors: Get better accuracy with digital tools instead of traditional, mistake-prone pen and paper.
    • Collaborate easily: Share and work with your team, no matter where you—or they—are located.
    • Submit more bids and win more projects: Get quality bids in front of general contractors faster and get ahead of your competition.
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    Document Management

    Organize, store, and manage various documents, blueprints, drawings and other information related to projects before the actual construction phase begins.

    This phase is crucial for setting the foundation of a successful construction project, and effective document management plays a significant role in ensuring that all necessary information is accessible, accurate, and up-to-date to all interested parties.

    Access, review, work on, and share large complex documents in one platform with amazing speed. From project definition, drawing management, takeoff, estimation, bid management, and contracts, everything happens in PlanHub.

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    CRM

    Be part of a construction professionals’ ecosystem that enhances collaboration, streamlines project management, and fosters smart relationships between companies, construction professionals, and projects.

    Enjoy seamless communication, build strong relationships, and streamlines project management. By leveraging the power of connections and collaboration, we enhance efficiency, save time and resources, and drive collective growth in the industry.

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    1M+ pre-qualified network

    PlanHub is the leading platform that connects companies, construction professionals, and projects in the pre-construction industry, focusing on building and developing meaningful relationships to enhance efficiency and productivity.

    We have integrated general contractors, subcontractors, and material suppliers’ workflows in one platform to simplify the complex back and forth usually present in preconstruction. By allowing all interactions to be done through PlanHub, tracking projects and relationships is much easier, saving contractors and material suppliers time and money. Interactions in the platform are tagged and measured to provide insights to users.

    General contractors create bid packages that are shared in PlanHub as projects. They can include templatized lists of all CSI cost items as part of the new Baseline feature. Baseline allows for faster and more accurate bid requests, facilitates homogenization of subcontractors’ bids, and simplifies the comparison of incoming bids.

    Subcontractors are automatically matched with relevant projects based on their profile, preferences, and pre-qualification information saving hours of research to both sides. They can review project details, documentation, and blueprints.

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    High-quality projects

    Your one-stop job for qualified hard-to-find private project leads in varying stages like pre-planning, bidding, etc., and across different geographies, zip codes, or distance to your office.

    Projects include plans, specifications, bid dates, and other relevant project information.

    You can segment project leads by type of project, status, project building use, trades and sub trades, or create your own list of keywords — and be notified when one of them is found in a posted project’s documentation or plans.

    We make it simple to find projects that match your business — and make sure you are notified right away.

    				
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    From the very beginning, PlanHub has been a place where people can do meaningful work and build strong relationships.

    Come grow with us! We’re building innovative technologies that simplify preconstruction for everyone.

    Expand your network and connect with general contractors, subcontractors, owners, architects, and suppliers – not to mention thousands of relevant projects at your fingertips.

    Generate relevant leads, faster and with precision. With access to private, hard-to-find projects, you can connect with architects and owners on projects still in the pre-design and design stages.

    PlanHub’s advanced suite of bid management tools allows you to increase productivity, identify relevant projects using data, build bids with Takeoff, and manage bids through the entire process.

    Create quicker, improved takeoffs effortlessly. PlanHub’s Takeoff Core aids your team in accurate, faster estimates, minimizing errors, and driving business growth.

    Expand your network and connect with general contractors, subcontractors, owners, architects, and suppliers – not to mention thousands of relevant projects at your fingertips.

    Generate relevant leads, faster and with precision. With access to private, hard-to-find projects, you can connect with architects and owners on projects still in the pre-design and design stages.

    PlanHub’s advanced suite of bid management tools allows you to increase productivity, identify relevant projects using data, build bids with Takeoff, and manage bids through the entire process.