As a construction company entering our tenth decade in Nashville, we’ve seen our city change significantly over the years. While we take pride in knowing Nashville and staying ahead of trends within the construction industry, we don’t have a crystal ball that can anticipate all the factors that will impact our city. Given the unpredictable changes we’ve experienced over the past three years, it is hard to say with certainty what 2023 will hold.
In many ways, the industry challenges we’ve experienced will continue. We’ll still be navigating supply chain disruptions and workforce issues. Inflation may also impact businesses and industries. And yet, we’re confident our city will continue to experience growth and prosperity amid the adversity we’ll face.
Nashville Commercial Construction Trends & Insights for 2023
As we head into 2023, here are a few predictions we have about commercial construction in the next year:
1. Supply shortages and escalating prices will continue to impact project decisions.
Supply shortages and the escalating price of materials have created commercial construction challenges across the country. Inflation and the lingering impact of the COVID-19 pandemic have continued to cause materials prices to swing wildly. We can expect the volatility of certain materials to continue throughout 2023.
Our team has learned a lot in the wake of these global changes. We’ve shepherded dozens of projects through the many stages of construction, including planning, preconstruction, budgeting, scheduling, sequencing, and procurement. For example, we developed multiple contingency plans and used air freight to bring in ceramic tile from Europe for the Nashville Ferrari dealership we completed in 2022. Without constant planning ahead and communication with owners and contractors, we could be blindsided, and projects could be delayed. We’ve worked with clients to navigate these challenges and make decisions to create more value in our construction projects.
2. The rapid growth in our city will continue to create ripple effects within the industry.
All of the rapid growth of the past decade has created a ripple effect in several key areas. Labor shortages have created challenges. Additionally, the city employees and department officials responsible for managing the growth have been flooded with an overwhelming number of requests, increasing the amount of time it takes to get proper permits.
At Crain, we’ve learned that relationships play a key role in overcoming these obstacles. Our extensive experience in working with Metro codes and the strong relationships we’ve developed with subcontractors help us mitigate delays that stem from Nashville’s rapid growth.
3. Project owners are increasing their commitment to quality and sustainability.
While every project owner is interested in maximizing ROI, that doesn’t mean they’re always choosing the cheapest option. In recent years, we’ve seen a growing interest in finding ways to reduce their carbon footprint by incorporating sustainable materials and efficient construction processes. This is a trend we expect will continue to grow as city officials, residents, and business leaders prioritize the long-term impact of commercial construction projects.
4. Technology will help construction firms to work smarter.
Nashville has become an international city, attracting companies and residents from around the world. As a result, companies and business leaders from across the country are investing in projects across our city. As this trend continues, it’s become increasingly important for commercial contractors to find more effective ways to manage projects with new technology.
At Crain, we’ve found several effective ways to manage construction projects with stakeholders from around the globe. We’ve been able to leverage drones to create virtual as-builts, we’ve worked with subcontractors through a digital punch list, and we’ve been able to provide real-time updates for clients on the other side of the world. Technology has become an essential part of our everyday work.
Crain Construction Knows Nashville
These are just a few of the construction industry trends owners and developers in Nashville should know. These factors will undoubtedly affect current construction projects and those in the pipeline for the months ahead. As a Nashville-based commercial construction firm, we believe our reputation and the way we do business are the reasons we’re considered one of the best commercial contractors in Nashville.
Tell us more about your project. Together, we can determine the next steps to help move your building from idea to reality.