In 2024, construction costs surged by 11% across real estate due to labor cost increases and growing demand for high-quality residential projects. Despite stable material prices, developers are facing operational challenges and adopting innovative strategies to manage costs and maintain schedules.

Here are the key factors driving the Rise in Construction Costs:

1. Labor Costs Surge: A 25% rise in labor costs has significantly impacted construction budgets, especially with labor accounting for over a quarter of total costs.

2. Demand for Premium Residential Projects: The residential sector has seen the biggest cost hikes, driven by a growing demand for high-quality, amenity-rich housing.

3. Commercial and Industrial Supply Growth: Despite rising costs, the commercial and industrial sectors have seen strong new supply, with continued demand for Grade A developments.

4. Focus on Technology and Workforce Optimization: Developers are enhancing supply chains, investing in workforce training, and adopting automation to manage costs and improve efficiency.

5. Adoption of Sustainable Practices: Emphasizing sustainability, developers are integrating circular economy principles to optimize resources and reduce long-term costs.

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Union Minister for Civil aviation appreciated us.

FloMobility is proud to support in construction of Bhogapuram Airport, a significant infrastructure project aimed at advancing the growth of Andhra Pradesh. We have deployed multiple robots at site which are daily shifting the material to the desired places.

In the recent Bhogapuram Airport Progress Review done by Hon’ble Minister Ram Mohan Naidu Kinjarapu and his team, our Autonomous Hauler was one of the highlight, showing how construction tech is helping to overcome the challenges in the industry. Efforts like these, led by the Hon’ble Minister and supported by the dedicated teams at GMR Group and L&T Construction, play a crucial role in helping the industry embrace change and adopt new technology.

AI, Digital Twins, and BIM: The Future of Construction Technology

Alex Belkofer, Senior Director of VDC at McCarthy Building Companies, discusses the convergence of AI, digital twin technology, and building information modeling (BIM) as key drivers of innovation in the construction industry. He advises caution as experts continue to refine best practices for these emerging technologies. In an interview with Construction Dive, Belkofer outlines the tools that are currently shaping the industry, the technologies that have improved efficiency, and his outlook for the future of construction.

Following are the key takeaways:

• BIM has revolutionized construction by enabling on-site layout with robots and 3D printers, facilitating prefabrication.

• AI's potential in construction depends on high-quality, curated data that can be leveraged to optimize processes.

• Digital twins are increasingly valuable to asset owners for managing and maintaining assets throughout their lifecycle.

• Tools like Revisto and Autodesk Tandem improve collaboration, visualization, and data sharing among construction teams.

• Data is seen as the "new oil," with a focus on making it more accessible and actionable for the construction industry.

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