Despite a predicted decline in non-residential construction spending for 2021, real-time bidding data from BuildingConnected suggests that short-term relief is on the horizon as delayed or rescheduled projects begin to resume operations.
SAN FRANCISCO, March 16, 2021 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has released its "Construction Outlook 2021: Risks & Opportunities" report, offering a deep dive into key industry trends across five major areas: growth, health and safety, labor, supply chain, and design. As the ongoing effects of the global pandemic and economic instability become more apparent, aggregated and anonymized product data from BuildingConnected—a preconstruction solution within Autodesk Construction Cloud—shows that real-time bidding activity has not only surpassed pre-pandemic levels but also hit an all-time high in January 2021.
More than one million construction professionals, including owners, general contractors, construction managers, and subcontractors, use BuildingConnected to submit or request bids. On average, over five million bid invitations are sent out each month through the platform.
The report highlights several key findings based on BuildingConnected’s bidding activity as of March 1, 2021:
- Bidding activity initially rose at the start of 2020 but dropped by about 34% in the 60 days following March 19, 2020, when the first U.S. stay-at-home orders were issued.
- Activity gradually recovered between March and October, peaking in November 2020.
- Compared to a three-month average before the pandemic, total bidding activity was up 15% in November and 36% in January 2021, with January marking an all-time high for the platform.
- The rate of new project additions on the platform has remained steady over the past year, suggesting that increased bidding is likely due to project restarts rather than entirely new developments.
“While we’re not completely out of the woods, the real-time bidding data from BuildingConnected indicates that delayed or rescheduled projects may be coming back online,†said Ed Zarenski, a construction economist. “Higher bidding activity combined with stable project volume shows that the industry is getting back to work quickly.â€
The 2021 Construction Outlook Report provides insights into current construction industry trends, including spending patterns, project starts, and more. Drawing on internal data, external sources, and input from industry economists, the report offers actionable insights to help construction professionals navigate the recovery.
Key findings include:
- New project starts are expected to rise in 2021, but the starting backlog for 2022 could decrease. Nonresidential construction spending is forecasted to drop in 2021, though healthcare and commercial retail sectors are expected to rebound in 2022.
- Transportation, air, and rail sectors have been less affected, with projected growth of 10% in 2021 due to strong backlog from recent large-scale projects.
- Certain segments of nonbuilding infrastructure, such as sewer and water systems, are expected to see a 4% increase in spending, while highways and bridges will see a 2% rise.
- Total public spending in 2021 is projected to reach $384 billion, an 8.5% increase from 2020, driven largely by residential construction.
Jim Lynch, senior vice president and general manager of Autodesk Construction Solutions, emphasized the importance of technology during this period of recovery. “As teams return to jobsites, adopting digital tools and upskilling employees is more important than ever,†he said. “Even with a 40% spike in bidding volume, most teams using BuildingConnected are still able to meet the standard seven-day turnaround for bids.â€
The report also includes recommendations for improving preconstruction processes and managing risk, such as monitoring the impact of project restarts, qualifying trade partners more frequently, and streamlining the design review process.
“With tighter deadlines and increased scrutiny on every dollar, the preconstruction phase will play a critical role in mitigating risks and reducing costly rework,†said Zac Hays, head of preconstruction at Autodesk Construction Solutions.
To learn more, visit the full report and explore case studies from Autodesk customers like Chandos, Helm Mechanical, and John Moriarty & Associates.
About Autodesk
Autodesk creates software for people who make things. Whether you've driven a high-performance car, admired a skyscraper, used a smartphone, or watched a great film, you’ve likely experienced the impact of Autodesk's tools. For more information, visit autodesk.com or follow @autodesk.
Safe Harbor Statement:
This document contains forward-looking statements that involve risks and uncertainties. These statements reflect our current plans, which may change. Purchasing decisions should not be based solely on these statements. We assume no obligation to update them.
Autodesk, the Autodesk logo, Autodesk Construction Cloud, and BuildingConnected are registered trademarks or trademarks of Autodesk, Inc., and/or its subsidiaries and affiliates in the USA and other countries. All other brand names, product names, or trademarks belong to their respective holders. Autodesk reserves the right to change product and service offerings, specifications, and pricing without notice and is not responsible for typographical or graphical errors.
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