Kiewit Construction did an internal study looking at the top 500 construction companies from 1965, comparing them to the top 500 from 2015. They found that 450 of those companies were closed. So, that prompted some research into the 50 who are still thriving. They found five items that kept them at the top of their game. Here are the five items that kept them prospering.
1) Change: When the construction industry was changing, they changed with it, adapting to the evolution of the industry.
2) Innovation: The companies that prospered adapted to new technology.
3) Risk: The construction companies that are still here today didn't take on high-risk projects. Projects that went over budget were the downfall to many of the companies that are no longer here today.
AND, a look to the future.
4) Prepared for Growth: The global population will reach 10 billion by 2050, so construction needs to be able to support that growth.
5) Increase Communication: As construction becomes more geographically dispersed, the construction industry needs to adapt and become better at communicating and staying connected across the construction supply chain.
What are some ways that you think that construction companies need to adapt in order to thrive?
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