North Carolina Construction News staff writer
The North Carolina construction industry is navigating a period of significant change, with economic uncertainty, labor shortages, and technological advancements shaping the landscape. These insights come from the latest FMI Built-In Podcast, featuring Jay Bowman, Partner and leader of FMI’s Research and Analytics Practice, who spoke with host Scott Winstead about FMI’s 2025 Engineering and Construction Economic Outlook.
Bowman highlighted several key trends impacting the industry, including:
Economic uncertainty: While the construction sector has shown resilience, lingering economic concerns and potential interest rate hikes could impact project starts and overall growth.
Labor shortages: The skilled labor shortage continues to be a major challenge, with firms struggling to find qualified workers. This issue is driving up labor costs and potentially delaying project completion.
Technological advancements: The industry is undergoing a digital transformation, with Building Information Modeling (BIM), artificial intelligence, and other technologies becoming increasingly prevalent. Companies that embrace these advancements will have a competitive edge.
The podcast emphasized the importance of adaptability and strategic planning for construction firms in North Carolina. Companies that can effectively manage costs, attract and retain talent, and leverage technology will be best positioned for success in the coming years.
“The construction industry is at a crossroads,” Bowman said in the podcast. “Those who can embrace change and innovate will thrive, while those who cling to old ways of doing business may struggle.”
The FMI report offers a comprehensive analysis of the current state of the construction industry and provides insights into future trends. It serves as a valuable resource for contractors, developers, and other stakeholders in North Carolina’s built environment.
Key takeaways for North Carolina contractors:
- Invest in workforce development: Focus on attracting and training the next generation of skilled workers.
- Embrace technology: Adopt new technologies to improve efficiency, productivity, and project outcomes.
- Develop strong risk management strategies: Navigate economic uncertainties by carefully assessing project risks and developing contingency plans.
- Foster collaboration: Build strong relationships with partners and stakeholders to navigate challenges and capitalize on opportunities.
The full FMI Built-In Podcast episode is available on the FMI website and major podcast platforms.
Podcast material for this story was reviewed with artificial intelligence by Gemini.Google.com.