By Colin Sheehan, RCS Reporter.
Adam Oaks has worked in the construction industry for his entire career and has over 20 years of experience with high-growth, venture-backed technology companies from start-up to mid-market. He’s worked with a variety of tech companies including SaaS, Data and Software within AEC, FinTech, Fraud and Identity, Sharing Economy, Web Market Places, and Manufacturing Industries.
Now the CEO of Estimating Edge, a company that has been in the roofing and construction business for over 30 years, Adam shares his data-based analytical insights on the recent economic functionality of the industry.
“I ran roofing bids from 2019, 2020 and Q1 of 2021 and of course everybody knew the economy was going great,” said Adam. “Q1 of 2020, just before COVID-19 had good strong growth over 2019, but where it became surprising, even though we saw a little bit of dip when COVID came out, it still stayed above 2019 and 2020 for bids.”
The bidding shown through 2020 and into 2021 is remarkable considering the financial strain the Coronavirus placed on other industries. After talking to Estimating Edge customers, he predicts that there will be more competitive bids going forwards, where more people will be bidding on the same project.
“The other piece that we saw, is with certain types of projects like data centers, healthcare pharma obviously, big box type projects we’re really starting to see those [grow]. So, even though there may be a consistent run of [these] types of projects, the projects are certainly getting bigger from what we see,” added Adam.
There are also a lot of re-roofs and new construction still being bid, and from the contractor standpoint these projects remain consistent.
Looking to the future, Adam suggests contractors embrace the technology that can differentiate their business within the crowded market of roofing contractors. Using estimation technology will help contractors make better, data-driven decisions that will add value to their overall service and expedite their business processes.
“I think big data and analytics driving data-driven decisions could be one of the biggest things that people need to be considering, because it’s going to get more and more competitive,” said Adam. “As people see opportunity, they’re going to jump in.”
Watch the entire video to hear more insights from Adam.