How labor availability and new construction innovations are affecting your ability to renovate.
While the hotel construction market has experienced a period of considerable growth over the last couple of years, experts are waiting for the other shoe to drop. After such prolonged success, the market is expected to level out due to a continued shortage of labor. That being said, there are other advancements in the industry that make new construction and renovation projects more affordable. Here’s what you need to know about these two factors and how they are affecting the hotel construction market.
- Labor Shortages
While there is a high demand for qualified design and construction teams, there are currently not enough to meet this demand. While there are new construction teams and firms popping up, these new groups often lack the experience and proven success that hotels want to see before hiring the team to work on their property. Because of this, big hotel brands are left to fight for the few experienced teams currently available.
- New Advances in the Construction Industry
While the hospitality construction market faces a shortage of labor, there are new advancements that are helping property owners speed up the construction and renovation process, while still saving them money. For instance, the rise of modular design (a form of construction where units are built off-site them transported to their final project location) has been a great way for contractors to save time and money when breaking ground on a new project.
Some of the other innovations that are saving builders and property owners time and money are virtual reality and adaptive reuse. VR technology allows designers and contractors to better visualize projects and identify potential structural issues ahead of time. This technology also allows property owners to see the completed building and request changes ahead of time. Adaptive reuse refers to projects that transform existing structures into hotel properties. Because much of the foundations of the building are already there, this saves considerable time and money as compared to ground-up construction projects.
This is how labor shortages and advances in the construction industry are affecting the hotel construction market. Interested in having your hotel renovated, but not sure where to find experienced experts that you can trust? If so, contact Nikki Fox at Parkwest General Contractors at Nikki@ParkwestGC.com. Our expert team is ready to assist you with all your building renovation and construction needs today.