Higher productivity and smart planning are the keys , he said. Overall, the construction industry has been seeing decline in productivity, Smither said. That makes training and teamwork a necessity, according to the industry consultant. Smither also suggested that contractors look into niche areas such as renovation and service work in addition to new construction. Both areas can produce higher profits.
Flexibility is another key.
Public and private sectors are beginning to rely on systems other than the lowest bid, he noted. Smither also took note of the trend toward people moving back into American cities, after years of suburban flight. Contractors that can tap this market by renovating buildings can do well, he said. The trend has been less pronounced in this region. Smither said plenty of work is available for contractors.