Autodesk, Inc. (NASDAQ: ADSK) today released the "Construction Outlook 2021: Risks & Opportunities" report, a new study that dives into macro industry trends across five areas including growth, health and construction safety, labor, supply chain and design. As the compounding effects of the global pandemic and resulting economic instability begin to surface, aggregated and anonymized product data from BuildingConnected, a preconstruction solution within Autodesk Construction Cloud, finds that real-time bidding activity has surpassed pre-pandemic levels and reached an all-time high in January 2021.
More than one million owners, general contractors, construction managers and subcontractors use BuildingConnected to answer or request bids. More than five million bid invites are sent out every month on the platform.
Additional key insights detailed in the report derived from aggregated and anonymized BuildingConnected bidding activity, as of March 1, 2021, include:
"While it's not an indication that we're entirely out of the woods, the real-time bidding data from BuildingConnected suggests that delayed or rescheduled projects may be coming back online," said construction economist Ed Zarenski. "Increased levels of bidding activity, paired with the data that project volume has remained consistent, signals the industry is getting back to work – and doing so quickly."
Using internal product data, external sources and industry economists, the Construction Outlook report provides construction professionals with critical information, analysis and actionable insights to stay resilient as the industry begins its journey to recovery. Additional key findings from the report include:
"In the early days of the pandemic, the construction industry turned to technology to readjust as we facilitated social distancing, implemented jobsite safety guidelines and moved our offices into our homes," Jim Lynch, senior vice president and general manager, Autodesk Construction Solutions. "Now that the industry looks to be picking up and teams are headed back to the jobsite, adopting technology, digitizing workflows and upskilling employees is more important than ever to handle the increased workload. For instance, despite a 40 percent spike in bidding volume, we're seeing that almost 80 percent of teams using BuildingConnected are still able to turn around bids in the industry-standard of seven days. Managing this increase in output with no significant dip in productivity simply would not be possible without the right technology."
The report also provides recommendations for companies to help navigate the current industry climate, including:
"As projects quickly begin coming back online, deadlines will be more stringent and every dollar will be scrutinized," said Zac Hays, head of preconstruction, Autodesk Construction Solutions. "The preconstruction process will play an increasingly vital role in mitigating risks, generating and managing critical data and reducing costly rework – which will better position companies to navigate this period of uncertainty with more precision."
The report also offers case studies from Autodesk customers including Chandos, Helm Mechanical, John Moriarty & Associates, EBC, Inc. and CRB. Read the full report here.
Autodesk makes software for people who make things. If you've ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you've experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information visit autodesk.com or follow @autodesk.
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Autodesk, the Autodesk logo, Autodesk Construction Cloud, BuildingConnected are registered trademarks or trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and services offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.
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