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The Year of Growth and Technology in Construction

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Construction professionals are beginning realize the opportunities effective preconstruction solutions can provide their business.

By Ro Bhatia, CEO, PlanHub

 

One industry that will continue to face prolonged changes into and throughout 2023 is the construction industry. While it was able to weather the economic pandemic slowdown, it is not immune to the issues of labor demand, volatile pricing, and inflation.

Data as a Resource

Over the past quarter century, technology and digitization have transformed our economy, but construction has been a relatively change-averse, “old school” industry. While some construction companies have already begun using technology as a tool, many are still slow to adopt these changes. Construction historically has been one of the slowest industries to adopt new technology, so it is no surprise that there is a gap in utilizing data as a resource.

Even as many begin to embrace technology and the promise of data, too many general contractors and subcontractors still primarily use spreadsheets, whiteboards, paper-based processes, or other methods instead of construction tech platforms. That simply will not work in a rapidly evolving industry.

Thankfully, more construction professionals realize the opportunities effective preconstruction solutions can provide their business. To get a clear view of not just the challenges construction professionals face every day, but also the role technology plays in the industry, PlanHub issued its inaugural State of the Industry report. We reviewed the internal platform activity of 26,000 contractors, over 250,000 subcontractors, and an industry-wide survey, the results showed great positivity.

According to our survey, 82% of general contractors and 80% of subcontractors plan to grow their businesses in 2023.

  • Embracing Technology. Since the beginning of 2021, a 324% increase was seen in the number of general contractors posting their first projects, and projects with strong activity increased 231%.
  • More Bid Activity. General contractors increased their invitations to bid (ITBs) by 35%.
  • Increasing Opportunity. Subcontractors have responded to adversity by seeking new ways to find business. Subcontractors expanded their reach by listing up to 20% more trades in which they work and expanded their service area by nearly 50%.

According to our research, over one-third of specialty contractors plan to increase investment in construction technology in 2023 to streamline functions,  improve productivity and drive revenue.

PlanHub’s data is consistent with reports of greater utilization of technology across the industry to increase efficiency, improve bidding and takeoff, better track assets, mitigate labor shortages and more. According to McKinsey, the impacts of COVID have spurred new construction technology innovation and accelerated its adoption. In fact, investment in construction technology increased by $25 billion between 2014 and 2019 and increased by an additional $4.5 billion in 2021.

Instead of combing through old bidding documents, spreadsheets and Post-It notes, the right construction planning and management solutions will digitize all the critical information that contractors and subcontractors use most often. Software solutions provide quick and easy document replication, streamline bidding and other critical processes, and save precious time and money.

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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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    Get the report!

    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.

    Estimation is a simple yet powerful digital estimating tool for general contractors, subcontractors, and suppliers that integrates with PlanHub’s existing Takeoff software
    Create quicker, improved takeoffs effortlessly. PlanHub’s Takeoff 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.