The global construction market is red hot for some firms and stone cold for others as contractors deal with unpredictable project risks while readying for new growth opportunities.
Addressing weaknesses laid bare by COVID-19, infrastructure projects are poised to drive world economies back to pre-pandemic positions with a simple mantra to build back better. As global design firms restructure operations, projects also are being reconfigured to fit a continental shift in client priorities.
The first six months of 2021 have seen big materials cost hikes, increasing labor shortages and uncertainty over federal action on a major infrastructure package.
Owners frequently call in professional services firms to streamline projects to completion and keep a pulse on the market. Lately, firms agree, that pulse is racing. Projects shelved last year are quickly rebooting while newer, more complex construction programs fill pipelines, driving many owners to seek support beyond their usual teams to manage the volume.
Although most construction markets have seen growth over the past decade, the petroleum market is a notable exception with a 59% drop from its high in 2013.
Revenue for construction management-at-risk and design-build delivery reached all-time highs before the pandemic plagued the market. But this year’s company rankings tell a more complicated story about alternative project delivery during a crisis.