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Construction Sentiment Survey2017

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Overview

Introduction

Foreword

1. Revenue growth

2. Initiatives for growth

3. Obstacles to growth

4. Profitability

5. Reducing costs

6. Efficiency improvements

7. Harnessing technology

8. Future security

Conclusion

Contact Causeway Technologies

Contact Barbour ABI

Construction Sentiment Survey

2017

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http://www.barbour-abi.com

http://www.causeway.com

IntroductionDuring late 2016 and early 2017 Causeway Technologies and construction intelligence services specialist Barbour ABI launched a industry-wide survey to explore the construction industry’s key issues, challenges and opportunities for 2017.Over 80,000 professionals across all sectors of the construction industry were invited to take part and share their views on the potential impact of a number of key challenges. These included skilled labour shortages, currency fluctuations, rising materials costs, technological developments and the implications of Brexit.

Around a quarter of the respondents were from companies with more than 1,000 employees, 41% have between 50 and 1,000 employees and just 10% of respondents were from companies with fewer than 10 employees. For the purposes of the analysis below, these have been divided into small companies (<250 employees) and large companies (>250 employees).

65% of respondents were from companies that only operate in the UK, with the remainder made up of those with a range of overseas operations.

One of the world’s leading suppliers of software for the built environment.

Unlike other software companies, Causeway’s products provide in depth functionality at each stage of the process, helping our customers increase their delivery, profitability and environmental performance.

Comino House, Furlong Road, Bourne End, SL8 5AQ

T: 01628 552 000

E: [email protected]

W: www.causeway.com

@CausewayTech

Leading provider of construction intelligence services.

With a team of in-house research specialists and a dedicated lead economist, Barbour ABI provides commercially relevant insight and unique analysis of trends and developments within the building and construction industry.

Hinderton Point, Lloyd Drive, Cheshire Oaks, Cheshire, CH65 9HQ

T: 0151 353 3500

E: [email protected]

W: www.barbour-abi.com

@BarbourABI

The relationship between Barbour ABI and Causeway is long-standing and continues to flourish. By combining Causeway’s expertise in built environment technology and Barbour ABI’s proficiency to capture and provide quality construction intelligence gives the industry an opportunity to review the latest knowledge and insight regarding the construction sector.

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Overview

Foreword

1. Revenue growth



4. Profitability

5. Reducing costs



8. Future security

Conclusion


Contact Barbour ABI


2017

Introduction



OverviewOverall, there is a relatively high level of optimism in the industry regarding potential for growth and increased profits. A sharper competitive edge and offering customers a better value proposition are seen as the main ways to drive growth. However, competition is also seen as an obstacle to growth, along with shortages of skilled labour.Alongside this optimism is a concern that 2017 will see an increase in bankruptcies, caused by poor management, a lack of planning & control and worsening market conditions.

A high proportion of survey respondents reported that their companies are engaged in cost-cutting measures and many have identified opportunities for increased efficiency in their businesses. Persuading staff to work differently is seen as a barrier to implementing efficiency initiatives.

This overview (Fig. 1-6) shows some of the key figures revealed in the survey.

VIEW MORE KEY FIGURES >

To the best of your knowledge, is your company’s expected revenue for 2017:

■ Higher than in 2016 (growth)

■ Lower than in 2016

■ Set to remain roughly the same as in 2016 71%

5%

24%

To the best of your knowledge, is your company’s expected profit for 2017:

A. Higher than in 2016 (growth)

B. Lower than in 2016

C. Not sure

D. Set to remain roughly the same as in 2016

Technology has been identified as an important tool in improving efficiency and just under half of respondents were aware of competitors using technology tools that they haven’t access to and would improve efficiencies in their current work environment. A surprisingly high number of senior managers were not aware of the technologies they could deploy within their businesses to underpin improved efficiency.

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FIG 2

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Introduction

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5. Reducing costs



8. Future security

Conclusion


Contact Barbour ABI


2017

Overview



To the best of your knowledge, is your company implementing specific initiatives to increase growth in 2017?

■ No

■ Not sure

■ Yes

In 2017, considering the UK construction sector, do you think that:

■ Less companies will go bankrupt than in 2016

■ More companies will go bankrupt than in 2016

■ Not sure

FIG 3

Do you believe there are efficiency gains achievable in your business?

A. Yes, I see opportunities to reduce time consuming non-value added processes constantly

B. Yes, but I don’t know where to start

C. Yes, but getting people to change the way they work is difficult and time consuming

D. Not sure

E. No

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FIG 5 FIG 6

Overview

19%

23%

34%

43%

To the best of your knowledge, is your company implementing specific initiatives to reduce costs?

■ No

■ Not sure

■ Yes

FIG 4

21%

11%

67%

12%

69%

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8. Future security

Conclusion


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2017

Overview



Foreword by Colin SmithThe UK construction industry is facing considerable change in the coming years and needs to be well prepared for what lies ahead. In particular, construction companies must take measures to improve their resilience to change whilst being sufficiently agile to take advantage of the opportunities that present themselves.

These companies, therefore, are faced with the multiple challenges of surmounting any obstacles they encounter to improving their efficiency. For example, one factor highlighted by respondents was the difficulty of getting people to change the way they work – the time required to achieve this clearly being a deterrent to attempting such initiatives.

Rather than fight an uphill struggle, such companies should perhaps consider enabling technologies that make it easier for people to do their work, without requiring a completely new approach. There is a wide ensemble of technology made specifically for the construction industry that allows both stakeholders and employees alike to be more effective without major changes in operations.

A further challenge identified in the survey was the lack of visibility of all processes, a result of different departments working in siloes with little or no integration between them. Clearly, if new technologies are introduced to streamline certain processes, they should also facilitate a smooth flow of information through the business, while giving managers high level visibility of strategic data.

This was the key objective of the survey – to identify the challenges and the barrier to positive change, and indicate how such challenges might be addressed. I hope you find it interesting and useful.

The Construction Sentiment 2017 survey has revealed that the majority of companies see potential for growth and most believe this can be married to an increase in profitability. Most recognise that this will require measures to improve their own performance against competitors through improved efficiency and delivering better value for customers.

Colin Smith, Chief Executive Officer, Causeway Technologies

Colin has a wealth of experience in software services, built up from 30 plus years in the sector, including senior roles with COINS global, BIW Technologies and Textura Europe.

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Overview

Introduction

1. Revenue growth



4. Profitability

5. Reducing costs



8. Future security

Conclusion


Contact Barbour ABI


2017

Foreword



PART 1

Revenue growth in 2017Participants were asked to indicate whether they expected revenue for 2017 to be higher or lower than in 2016, or to remain about the same. Some 71% of respondents have a positive view, anticipating company revenue to grow, see Fig. 7. Improved competitiveness and developing a better value proposition were identified as the main growth engines for companies of all sizes. Entering new markets was identified by 21% of respondents as the primary reason why they forecasted growth in 2017, see Fig. 8.

BreakdownAmongst larger companies (>250 employees) 65% of respondents expect growth for 2017, whereas this figure is even higher amongst smaller companies (<250 employees), with 74% projecting growth for their companies, see Fig. 9 & 11.

Amongst senior managers there is a slightly more optimistic view, compared to the whole sample, with 75% anticipating growth during 2017. Of these, 43% attributed this view largely to having a better value proposition, with 30% attributing their optimism to entering new markets, see Fig. 10. Thus, senior managers would appear to see more potential for entering new markets than other respondents.

VIEW BREAKDOWN >

To the best of your knowledge, is your company’s expected revenue for 2017:



■ Set to remain roughly the same as in 2016

If you selected growth in the previous question, this is primarily because:

A. Other (please specify)

B. You are developing your value proposition and expertise and becoming more competitive

C. You are entering new markets

D. You are improving your internal processes

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17%

51%

21%

11%

A B C D

FIG 7

FIG 8

71%

5%

24%

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Overview

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5. Reducing costs



8. Future security

Conclusion


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2017

1. Revenue growth



>250 EMPLOYEESTo the best of your knowledge, is your company’s expected revenue for 2017:




<250 EMPLOYEESIf you selected growth in the previous question, this is primarily because:

A. Other




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12%

56%

23%

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FIG 9

>250 EMPLOYEESIf you selected growth in the previous question, this is primarily because:

A. Other




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18%13%

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FIG 10

FIG 12

Part 1 Revenue growth in 2017

65%11%

24%

<250 EMPLOYEESTo the best of your knowledge, is your company’s expected revenue for 2017:




FIG 11

74%

1%

24%

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8. Future security

Conclusion


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2017

1. Revenue growth



PART 2

Initiatives for growthAcross the entire sample, 69% of respondents believe their company is implementing initiatives to fuel growth in 2017, with 19% believing this is not the case and 12% ‘not sure’, see Fig. 13. Amongst senior managers, 23% are unaware of any such initiatives.

BreakdownSmaller companies are as likely as larger companies to be implementing specific initiatives to increase growth in 2017, at 71% and 66% respectively, see Fig. 14-15. Such initiatives are also more prevalent in those companies operating internationally (81%), compared to 62% for those only operating in the UK, see Fig. 16-17.

VIEW BREAKDOWN >

To the best of your knowledge, is your company implementing specific initiatives to increase growth in 2017?

■ No

■ Not sure

■ Yes

FIG 13

19%

12%

69%

Perhaps unsurprisingly firms within the construction industry are looking seriously at initiatives at increasing the rate of growth in sales. Against a challenging backdrop of potentially slowing economic growth and future trading arrangements remaining uncertain it makes sense that construction firms are looking to “future proof” and expand markets to meet the economic challenges that lie ahead.

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5. Reducing costs



8. Future security

Conclusion


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2017




Part 2 Initiatives for growth

>250 EMPLOYEESTo the best of your knowledge, is your company implementing specific initiatives to increase growth in 2017?

■ No

■ Not sure

■ Yes

UK ONLYTo the best of your knowledge, is your company implementing specific initiatives to increase growth in 2017?

■ No

■ Not sure

■ Yes

FIG 14

FIG 17

18%

25%

12%62%

UK AND/OR WORLDWIDETo the best of your knowledge, is your company implementing specific initiatives to increase growth in 2017?

■ No

■ Not sure

■ Yes

FIG 16

8%

11%

81%

15%

66%

<250 EMPLOYEESTo the best of your knowledge, is your company implementing specific initiatives to increase growth in 2017?

■ No

■ Not sure

■ Yes

FIG 15

19%

9%

71%

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8. Future security

Conclusion


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2017




PART 3

Obstacles to growthWhen asked about potential obstacles to growth, respondents identified increased competition and shortage of skilled labour as the principal challenges. Inadequate IT systems, inadequate management and Brexit were also rated as significant challenges, see Fig. 18. In your opinion, thinking

about profit, where are the main potential obstacles?

Rank 1 to 7

1 = least important

7 = most important

0 1 2 3 4 5Rank Average

3.33

4.15

4.32

4.75

3.65

3.83

3.97

A

B

C

D

E

F

G

FIG 18

A. Government regulation

B. Currency risk

C. Brexit implications

D. Inadequate IT systems

E. Shortage of skilled labour

F. Inadequate management

G. Increased competition

It is interesting to note that an increase in competition is the most cited obstacle to growth among our respondents. This is an indication that while there are many macroeconomic obstacles facing the construction industry it is the more traditional market forces which concern the companies operating within it at the moment. The shortage of skilled labour also featured highly amongst the barriers to growth though interestingly it was concerns with future demand for products due to increased competition rather than the capacity to deliver that mattered to respondents.

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4. Profitability

5. Reducing costs



8. Future security

Conclusion


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2017




PART 4

ProfitabilityIncreased growth does not necessarily equate to increased profit, so while 71% of respondents anticipate growth only 63% expect this to be accompanied by increased profit. 26% of all respondents (and 29% of senior managers) expect their profits to remain the same as in 2016, see Fig. 19. Again, smaller companies tend to be more optimistic about profitability (68% predicting an increase), compared to larger companies (53%), see Fig. 20-21.

BreakdownInterestingly, a smaller proportion of international companies are optimistic about increasing profit (56%) as compared to UK-only companies (67%), see Fig. 22-23.

Of the possible influences that might restrict profitability, increased competition is seen as the major factor, with inadequate management and skilled labour shortages also rated highly. 18% of respondents believe that inadequate use of technology represents the main barrier to increasing profits.

VIEW BREAKDOWN >

To the best of your knowledge, is your company’s expected profit for 2017:



C. Not sure


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7063%

5% 6%

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FIG 19

While profitability expectations were not as strong as revenue expectations the fact that 63% of respondents expect profits to rise in the next year is indicative of a healthy industry. The industry suffered particularly acutely from low profitability legacy contracts in the wake of the financial crash. The fact that so many firms are optimistic of profit growth is demonstrative of the changes within the industry over recent years.

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8. Future security

Conclusion


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2017

4. Profitability



Part 4 Profitability

>250 EMPLOYEESTo the best of your knowledge, is your company’s expected profit for 2017:



C. Not sure


UK ONLYTo the best of your knowledge, is your company’s expected profit for 2017:



C. Not sure


Perc

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10

20

30

40

50

60

70

53%

8%11%

27%

A B C D

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30

40

50

60

70 67%

4% 7%

22%

A B C D

FIG 20

UK AND/OR WORLDWIDETo the best of your knowledge, is your company’s expected profit for 2017:



C. Not sure


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56%

7% 6%

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FIG 22

<250 EMPLOYEESTo the best of your knowledge, is your company’s expected profit for 2017:



C. Not sure


Perc

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)

0

10

20

30

40

50

60

70 68%

3% 3%

25%

A B C D

FIG 21

FIG 23

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2017

4. Profitability



PART 5

Reducing costsOf the total sample, 67% noted that their companies are already implementing cost-reduction measures, while 21% said no such initiatives were being implemented, see Fig. 24. This perception is not affected by job seniority, as 71% of senior managers reported the existence of cost-reduction measures in their companies, whilst 22% of senior managers reported that there were no such measures being implemented.

BreakdownCost-cutting initiatives are more prevalent in larger companies (82%), compared to smaller companies (58%), while the figures are very similar for international and UK-only companies (67% and 68% respectively), see Fig. 25-28.

VIEW BREAKDOWN >

To the best of your knowledge, is your company implementing specific initiatives to reduce costs?

■ No

■ Not sure

■ Yes

FIG 24

21%

11%

67%

The consequences of the financial crash for the construction industry was a desire amongst firms to both grow demand but also reduce costs when undertaking contracts. This makes it logical that such a high proportion of respondents were actively looking at reducing costs in the coming year. This pattern is likely to continue in the future as firms remain vigilant on its cost base to ensure continued operational efficiency.

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5. Reducing costs



Part 5 Reducing costs

>250 EMPLOYEESTo the best of your knowledge, is your company implementing specific initiatives to reduce costs?

■ No

■ Not sure

■ Yes

UK ONLYTo the best of your knowledge, is your company implementing specific initiatives to reduce costs?

■ No

■ Not sure

■ Yes

FIG 25

FIG 28

7%

11%

26%

7%

68%

<250 EMPLOYEESTo the best of your knowledge, is your company implementing specific initiatives to reduce costs?

■ No

■ Not sure

■ Yes

FIG 26

30%

12%

58%

UK AND/OR WORLDWIDETo the best of your knowledge, is your company implementing specific initiatives to reduce costs?

■ No

■ Not sure

■ Yes

FIG 27

14%

19%

67%

82%

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5. Reducing costs



PART 6

Efficiency improvementsOverall, 88% of respondents believe their companies could operate more efficiently and 46% of all respondents say they can see opportunities to achieve this by reducing time-consuming, non-value added processes. 40% noted that whilst efficiency gains are possible, getting people to change their ways of working is difficult and time consuming. 2% of respondents believe there is potential for efficiency gains but don’t know where to start, see Fig. 29.

Job seniority was shown to have no effect on these figures, with half of senior managers reaffirming the view that the main block is changing employees’ ways of working.

BreakdownThere were only small variations in relation to company size and geographical operations, though a significantly higher proportion of small companies saw changing staff behaviours as a major challenge (46% vs. 32%), see Fig. 31-34.

In terms of the biggest challenges to implementing change, the lack of a single view of all processes within the company was seen as the main challenge for all but the smaller companies, which rated the absence of a common driver across the business as the main challenge, see Fig. 30.

VIEW BREAKDOWN >

Do you believe there are efficiency gains achievable in your business?




D. Not sure

E. No

In your opinion, what are the biggest challenges to implementing change in how you operate as a business?

A. No common driver across the business to work out the best way for all of us to work together

B. No single view of all processes; people are working separately in silos

C. No unified strategy

D. Other

E. Poor leadership at each of the operational levels

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46%

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31%

16%

9%

19%

A B C ED

FIG 29

FIG 30

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2017




Part 6 Efficiency improvements

>250 EMPLOYEESDo you believe there are efficiency gains achievable in your business?




D. Not sure

E. No

UK ONLYDo you believe there are efficiency gains achievable in your business?




D. Not sure

E. No

Perc

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FIG 31

UK AND/OR WORLDWIDEDo you believe there are efficiency gains achievable in your business?




D. Not sure

E. No

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FIG 33

<250 EMPLOYEESDo you believe there are efficiency gains achievable in your business?




D. Not sure

E. No

Perc

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50

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40%

2%

46%

6%7%

A B C ED

FIG 32

FIG 34

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PART 7

Harnessing technologyTechnology is often seen as a vital ingredient in streamlining processes and driving efficiency and 49% of respondents were aware of technology tools being used in other businesses but not theirs, see Fig. 35. Of the senior manager respondents, 40% were not aware of IT solutions that could improve their business efficiency.

In this respect, the differences between small and large companies, and where they operate, were insignificant.

Have you come across technological tools used in other companies that you believe would improve the efficiency in your current business?

■ No

■ Not sure

■ Yes

FIG 35

32%

19%

49%

In recent years the construction industry has been making a concerted effort to improve its technological advancements particularly through the Building Information Modelling (BIM) initiative. It is perhaps disappointing then that only 49% of our respondents knew of technological advancements at other firms which could be applied to their own to improve efficiency.

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Looking at the general levels of business confidence, respondents were asked whether they anticipated fewer or more bankruptcies in 2017, compared to 2016. From the total sample, 34% believed there would an increase in bankruptcies, see Fig. 37 – with a similar figure from senior managers (32%). The majority of respondents in all categories were unsure on this question.

The main reasons for bankruptcy were given as poor management and lack of planning & control (49%) and worsening market conditions (27%), see Fig. 36.

In terms of the biggest issues facing their own businesses, customer demand was cited by 28% of respondents as the main issue, while for 18% respondents the biggest challenge was seen as labour supply. Stronger competitors and input costs on materials were stated as main concerns by 14% and 8% respectively, see Fig. 38.

Interestingly, Brexit was not seen as a top concern, being mentioned by only 6% of respondents as the biggest issue.

PART 8

Future security

If you believe more companies are going to go bankrupt, in your opinion, which of the following factors will most strongly contribute to increased bankruptcies?

Rank 1 to 5

1 = least important

5 = most important

In 2017, considering the UK construction sector, do you think that:

■ Less companies will go bankrupt than in 2016

■ More companies will go bankrupt than in 2016

■ Not sure

In your opinion, what are the biggest issues facing your business?

Rank 1 to 10

1 = least important

10 = most important

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0Rank Average

1.72

3.51

3.11

3.16

3.48

A

B

C

D

E

0 1 2 3 4 5 6 7 8Rank Average

4.43

5.145.24

6.036.316.50

7.32

4.484.58

4.98

A

B

C

D

E

F

G

H

I

J

FIG 36

FIG 37 FIG 38

23%

34%

43%

A. Inadequate IT systems

B. Deteriorating market conditions

C. Lack of liquidity

D. Lack of planning and control when taking on new work

E. Poor management

A. Inadequate technology

B. Geopolitical

C. Currency value

D. Internal management

E. Internal processes

F. Brexit implications

G. Input costs (materials)

H. Stronger competitors

I. Labour supply

J. Customer demand

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8. Future security



ConclusionIt is clear from the survey results that construction professionals remain reasonably optimistic about 2017, while also being aware that they face an array of challenges.A significant number of companies are already looking at how they cut costs and improve efficiency, as well as considering how they can improve the value of the services they deliver. Entering new markets appears to have relatively low priority for fuelling growth.

In terms of efficiency improvements, nearly half of all respondents identified time-consuming processes that add no value as being a barrier to enhanced efficiency. Many respondents are also aware of technologies used by their competitors to improve efficiency.

The broad awareness of problems revealed by the survey indicates that the industry is already looking closely at how it does things now, and how it could do them better in the future.

Identifying the issues is clearly the first step in tackling them, the next stage is for construction companies to introduce the solutions that will help them perform better in the face of the challenges they expect to encounter in 2017.

VIEW METHODOLOGY & SAMPLES >

The construction industry has been growing healthily since 2013 after a number of challenging years since the financial crash. This survey shows that there are a number of initiatives designed to improve growth and profitability in the future which is encouraging for existing firms and new entrants. The industry appears to be learning its lessons from the years of subdued performance between 2009 and 2012 and is considering closely both its initiatives for growth but also ensuring the systems are in place to ensure they can weather any future downturn.

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Conclusion



Methodology and sample

Company Operation – Sectors

A. Excluding infrastructure – private industrial

B. Excluding infrastructure – private commerical

C. Excluding infrastructure – public

D. Infrastructure – public

E. Infrastructure – private

F. New housing – private

G. New housing – public

H. Other

I. Repair and maintenance – private housing

J. Repair and maintenance – non-housing R&M

K. Repair and maintenance – public housing

Company – Roles

A. Sales

B. R&D

C. Professional or Technical Services

D. Other

E. Manager / Technical

F. Manager / IT

G. Manager / Finance

H. COO / Operations

I. CIO / IT

J. CFO / Finance

K. CEO

Perc

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10

20

30

40

50

2.4%5.8%

10.1%7.9%

13.4%

2.7% 1.2%1.8%1.2%

48.8%

4.6%

A CB FD KH I JGE

Perc

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0

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20

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21%

2%

5%

9%

19%

27%

6%4%

1%2%

5%

A CB FD KH I JGE

FIG 40

FIG 42

Company Size – # Employees

■ >1,000

■ 1-10

■ 11-50

■ 51-250

■ 251-1,000

Company Operation – Locations

■ Europe (Except UK)

■ UK & Europe

■ UK & Worldwide

■ UK Only

■ Worldwide (Except UK)

FIG 41

FIG 39

1% 7%

25%

65%

2%

25%

10%

24%

27%

14%

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Conclusion



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