![]() The sector continues to struggle with poor project performance, with 37 percent of respondents revealing that they have missed budget and/or schedule performance targets due to lack of effective risk management and that only half of project owners’ projects are meeting completion deadlines – a rise in five percent since the 2021 survey.Į&C companies and project owners are seeking ways to improve portfolio-wide risk management, with their number one aim being to achieve clearly defined and standardized risk management processes and controls. 45 percent of project owner respondents say they have experienced a pandemic-related schedule delay or cost impact of more than 20 percent. As a measure of the room for growth of AI, a mere 4 percent are currently applying it across every project.ĭespite this positivity, the after-effects of COVID-19 are still apparent and the industry is continuing to face a number of challenges, with continued supply chain disruption, high energy and materials prices, and labor shortages pushing up costs and delaying project timelines. 81 percent of E&C firms are adopting mobile platforms, with 43 percent using Robotic Process Automation (RPA) and 37 percent adopting AI.50 percent cite the need for appropriate workplace demographics, with diversity, equity, and inclusion (DEI) ranked as the third most important factor for determining future success.54 percent of respondents can fully envisage the benefits of environmental, social, and governance (ESG) investments and are making improvements. ![]() Four out of ten engineering and construction (E&C) respondents expect revenue growth of more than 10 percent in the next 12 months.66 percent of respondents are optimistic about the direction of the construction industry with 38 percent of project owners being “very optimistic” – in comparison to just 18 percent in the 2021 survey.This positivity can be attributed to a number of factors including a significant post-COVID-19 pipeline, government infrastructure funding in the US, India, and other countries, and ESG demands driving renewable energy and circular economy projects. KPMG’s 2023 Global Construction Survey ‘ Familiar challenges- new approaches’ finds the industry is cautiously optimistic, despite facing ongoing volatility, including continued supply chain disruption, rising inflation and a possible recession.
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