Construction Project Management Services
Jennifer Nietz - Director of Operations
This month, I would like to explore a specialized industry report on the market of Construction Project Management Services. COACT spends a lot of time working with clients in this sector, and we are still seeing growth trends from prospects in this market.
The Construction Project Management Services industry includes companies that provide planning, supervising and budgeting services to construction projects. This includes all aspects of clients’ projects, such as estimating, scheduling, designing, engineering and contracting. Industry operators may also oversee community relations, safety programs, labor, cost control and coordination with the owner and other construction specialists.
Over the next five years, a recovering U.S. economy and generally improving demand for construction will lead to more consistent conditions for industry operators. Expanding corporate profit will precipitate rising private nonresidential construction, which the industry is reliant upon due to the large scope of these construction projects. Industry operators are expected to generate less revenue from the public sector due to austerity measures; however, private-public partnerships will become more common to enable new infrastructure construction.
IBISWorld identifies 250 Key Success Factors for a business. The most important factors for this industry are:
- Having contacts within key markets: Construction project management services firms must establish networks and a reputation among the key players in each market in order to be invited to tender.
- Access to highly skilled workforce: It is important that construction project management services firms attract and retain a highly skilled workforce.
- Fast adjustments made to changing regulations: Construction project management firms offer compliance management services and, as such, must be wary of a changing regulatory environment.
- Ability to compete on tender: Successful firms are capable of winning contracts through tender while ensuring adequate cash flow without compromising long term profitability.
Positioning is key in this market; we see it every day. You have to have the relationship and have to take risks at first bids and even second and third bids before work is awarded. Make sure you are sitting down now to figure your go-to-market strategy and how you are going to gain contacts within those key market segments for 2017.
Questions or comments? Please contact Jennifer Nietz at jnietz@teamCOACT.com