That is my favourite time of the yr. 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 elements of the nation, however there’s one more reason why I like to curve up at my workplace desk with the window cracked open. Predictions! It’s the time of yr the place everyone seems to be making grandiose predictions about what’s to come back within the subsequent yr—or the following 5 years.
Analysts, associations, trade, and academia are all getting out their crystal balls to foretell what subsequent nice know-how will take heart stage. Now, to be truthful, many of those predictions typically 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 yr is palatable. Maybe most significantly, almost each firm can take one thing away from these predictions and use it when creating targets for the 2024 yr.
That’s maybe one more reason I really like this time of yr a lot. It’s a time to foretell and plan. It’s a time to start serious about what’s going to go on the calendars for 2024—and what won’t. It’s a time to replicate on what went properly in 2023—and what didn’t.
With all this in thoughts, I wish to use the following few weeks to essentially dig into some predictions with a view to higher plan for the yr forward. If not, now, then when?
Let’s begin this week one instance launched earlier this month: JLL’s Development Developments & Midyear Replace report. This analysis seems to be at how 2023 has unfolded, whereas additionally offering a set of projections for the tip of the yr. I like how the group sums it up: the development trade is between a growth, enterprise as typical, and a pointy downturn.
There are 4 large 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 remains to be a wrestle, with excessive prices and lagging productiveness. Trying to the longer term, there can 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 previously.
Whole prices: With an impending slowdown, development corporations should strategize their subsequent steps and the potential restoration timeline for financing points.
All in all, development wants to arrange for a slowdown, as supplies costs stabilize considerably, however the labor scarcity nonetheless stays a problem. How will you place methods, processes, and applied sciences in place to arrange for this future?