Skilled labour shortages The construction industry struggles to attract and retain skilled workers including carpenters, electricians, plumbers and other specialised tradespeople. As older workers retire, there is a lack of younger workers entering the industry leading to a scarcity of this experienced qualified resource. Cost overruns and project delays Construction projects are notorious for exceeding their budgets and timelines. Factors such as unexpected site conditions, supply chain disruptions, regulatory changes and design alterations can lead to increased costs and delayed completion. Economic and market fluctuations The construction sector is sensitive to economic fluctuations, and, during times of economic downturn, demand for new projects decreases causing financial strain for companies in the industry.
Material cost and availability Fluctuations in the cost and availability of construction materials such as steel, timber and concrete can impact project budgets and schedules.
Regulatory and planning challenges Obtaining necessary permits and navigating complex planning regulations can be time-consuming and costly. Delays in obtaining permits can result in further impact to project programmes.
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