Cost escalation and cash flow worries , rising interest rates and skills shortages have converged to squeeze profit margins and place some companies in a precarious position . Solvency concerns have left many construction leaders with lost sleep . issues they can ’ t control and ignoring those they can .

Many construction leaders recognise they must transform their businesses , but they are overwhelmed by the smorgasbord of options and don ’ t know where to start . Artificial intelligence is in the industry ’ s line of sight and 44 % of respondents expect to integrate AI into their businesses within five years . But construction companies cannot capitalise on AI

It ’ s no surprise , then , that industry sentiment in both Australia and New Zealand has softened over the last 12 months as construction leaders focus on strengthening their financial resilience .

But the latest instalment of Procore Technologies ’ How We Build Now does offer plenty of surprises – and we are excited to share these with the market .

Now in its fourth year , How We Build Now has once again grown in scope and sample size – a testament to the usefulness of the survey insights . This year , with the views of more than 1,600 construction leaders captured across the Asia Pacific , we ’ ve split our report in two : one for Australia and New Zealand ; and a separate report for the markets of Malaysia , Philippines and Singapore .

The Australian and New Zealand report canvassed 768 construction industry leaders – 61 % at C-Suite or senior manager levels .

Nearly half of all businesses surveyed are looking to increase their spending on construction technologies – but our research suggests some leaders are caught in ‘ analysis paralysis ’. They are focused on

20 www . intelligentbuild . tech