That is my favourite time of the 12 months. True, right here within the states we’re seeing the climate cool to a crisp and the leaves flip to orange, purple, and brown, in some components of the nation, however there’s another excuse why I like to twist up at my workplace desk with the window cracked open. Predictions! It’s the time of 12 months the place everyone seems to be making grandiose predictions about what’s to return within the subsequent 12 months—or the following 5 years.
Analysts, associations, trade, and academia are all getting out their crystal balls to foretell what subsequent nice expertise will take middle stage. Now, to be truthful, many of those predictions usually fall flat on their face. We have to take what everyone seems to be saying with a grain of salt. However the power and pleasure that comes with this time of 12 months is palatable. Maybe most significantly, practically each firm can take one thing away from these predictions and use it when creating objectives for the 2024 12 months.
That’s maybe another excuse I really like this time of 12 months a lot. It’s a time to foretell and plan. It’s a time to start serious about what is going to go on the calendars for 2024—and what is not going to. It’s a time to replicate on what went effectively in 2023—and what didn’t.
With all this in thoughts, I need to use the following few weeks to actually dig into some predictions with a view to higher plan for the 12 months forward. If not, now, then when?
Let’s begin this week taking a look at one instance launched earlier this month: JLL’s Development Developments & Midyear Replace report. This analysis appears to be like at how 2023 has unfolded, whereas additionally offering a set of projections for the top of the 12 months. I like how the group sums it up: the development trade is between a growth, enterprise as standard, and a pointy downturn.
There are 4 huge takeaways on this report:
Total well being: The development trade is in a interval of heightened exercise, however financing constraints have pushed declines within the final quarter. A colder future is projected.
Workforce: The labor scarcity continues to be a battle, with excessive prices and lagging productiveness. Seeking to the long run, there will likely be a better deal with expertise retention methods.
Supplies: The availability chain has stabilized considerably. Future price will increase are anticipated to be extra manageable than up to now.
Complete prices: With an impending slowdown, building corporations should strategize their subsequent steps and the potential restoration timeline for financing points.
All in all, building wants to organize for a slowdown, as supplies costs stabilize considerably, however the labor scarcity nonetheless stays a problem. How will you set methods, processes, and applied sciences in place to organize for this future?
