Almost every industry around the world can anticipate changes following the pandemic and as more and more locations around the world begin to open up, we are starting to see those changes taking place. ForCEO of McBride Homes, this has been a very uncertain time and despite the size of his business, it has been a very challenging year. John took over from his father in this position and was really taking the business to new heights prior to the pandemic and subsequent lockdown. Now that things are once again opening back up, those like John have got their work cut out to get things back to where they once were.
The post-pandemic climate will look very different from how things look right now, and here are just some of the changes which we can expect to see.
Focus on Affordable Homes
What has occurred over the last 12 months has certainly made many people think twice about their financial situation and the amount of outlay which they will make. For this reason we can certainly expect a huge change with regards to the types of homes that people will be buying. Not only are we going to see a reduction in ownership levels, we are also going to see those people who do look to buy a property, invest in affordable homes, with minimal debt. For construction companies, this means that luxury home builds will be very much on the back burner.
Focus on Hygiene
Even once the world is fully vaccinated, we are not going to see a massive switch in terms of people’s attitudes towards hygiene. Over the last year many people have learned more than they could ever have considered regrading hygiene, and this is going to seep into attitudes in the future. This may mean more touch-less technology in the home, an increase in hygienic materials, and design in kitchens and bathrooms too.
Most construction sites operate with a small number of sub-contractors and a larger proportion of contracted staff. The issue here however is that contracted staff require benefits and consistent levels of work in order for them to make sense. This is not something which all construction companies are going to be able to deliver and for this reason, we will see a big change in the number of sub-contractors. Using temporary staff like this will reduce the financial exposure which construction companies have.
One potentially damaging effect which the pandemic will have on the construction industry is that prices for projects are going to decrease. The reason why this will be an issue is that the cost of materials is not likely to decrease at the same rate. Ultimately many construction companies will be looking at making fewer profits from future jobs, at least until the real estate market is able to recover from what is going on.
These are just some of the changes which companies like McBride will have to be prepared for.