I was recently asked to share my thoughts about current trends related to the way architecture, engineering, and construction firms are approaching business development. Marketing trends, high levels of client sophistication, changing buying models, and technology have all impacted design and construction firm thinking about the sales process. Here’s a macro view of some of the trends happening in the market space right now.

The construction labor shortage is expected to amplify in the coming years, resulting in even more, better opportunities for young people interested in the trades.

According to data released Friday by the US Bureau of Labor Statistics, the national construction industry added 19,000 net new jobs in July, following 13,000 in June and 29,000 in May.

Nonresidential construction spending contracted 1.6 percent on a monthly basis in June, according to an Associated Builders and Contractors analysis of U.S. Census Bureau data.

In a new round of tariffs that began last week, Chinese imports targeted by the U.S. include:

A few years ago, a group of business and tradespeople in a small but growing midwestern U.S. town needed a bigger firehouse. They understood from personal experience how the world works, but because of pressure from the town they opened the project to all bidders and didn't use a prequalification process. The low bidder, $at 2.5 million, was a contractor with a reputation for being difficult to do business with. The business and tradespeople suspected the contractor was not qualified, but they had not required any prequalification process to screen bidders.

According to data released Friday by the US Bureau of Labor Statistics, the national construction industry added 13,000 net new jobs in June. This follows a 21,000 net new job gain in April, and 25,000 in May.

Nonresidential construction spending inched 0.1 percent higher on a monthly basis in May, according to an Associated Builders and Contractors analysis of U.S. Census Bureau data released today. Spending, which totaled $749 billion on a seasonally adjusted annual rate for the month, is up 3 percent from the same time last year.

More and more, contractors are facing increasingly complex projects and financials. It’s time for contractors to embrace and prepare for new GAAP revenue recognition standards developed by FASB. The new standards promise quicker payments and better cash flow—but only if contractors have the proper framework in place to capture and properly communicate the critical data.

Across many industries in the U.S., there is a decline in educated, skilled and experienced personnel as the largest generation in history moves out of the workforce and into retirement. As a result, it’s become a war for talent, and construction companies are on the front line.