Dive Brief:
- Most contractors believe artificial intelligence will have a profound effect on the construction industry, according to a new survey from Dodge Construction Network.
- Dodge, in partnership with CMiC, a financial and project management software provider for the construction industry, surveyed 235 general and trade contractors across the U.S. through September and October, according to the report.
- Of the surveyed builders, 85% expect they will spend less time on repetitive tasks, while 75% envision AI will help them learn from past projects via historical data, per the study.
Dive Insight:
The report adds onto a broad consensus across the construction industry — that AI will transform the construction industry, even as builders continue to lag in their adoption of the technology.
Despite limited adoption so far, more than half of surveyed companies are taking measures to add the tech to their arsenals, such as via pilot programs or staff preparation, per the report. For example, 51% of respondents are actively evaluating several potential AI-related changes across their teams, while 40% are currently allocating a dedicated AI budget.
Contractors and related professionals have experimented with AI to perform key functions across their businesses, including in invoice processing and management, arbitration functions, safety improvements and for contract review.
“The research indicates the construction industry is nearing a tipping point for AI adoption,” said Steve Jones, senior director of industry insights analytics at Dodge, according to the news release announcing the survey results. “With high awareness, strong interest, and powerful validation from early adopters, contractors appear poised for significant expansion in their use of AI-enabled tools in meaningful ways.”
Builders also believe AI will help them generate a competitive advantage over their peers, according to the report, though this belief is demarcated by a firm’s size. In this vein, 86% of large contractors believe AI will give them a competitive advantage, compared to just 69% of these companies’ small or mid-sized peers.
This belief has been playing out since the advent of AI in the construction industry, as construction firms are currently in the midst of an AI arms race, where companies must adopt new technology lest they risk being left behind by more cutting-edge peers.
As demonstrated by other studies, however, builders still have significant concerns — 57% of respondents listed a lack of reliability or accuracy in AI output as a chief concern, while 54% noted data security and privacy risks as another key issue.
Other differences cropped up by firm size as well. Of the smaller firms, for example, 49% viewed the cost of investing in AI as a greater issue, while only 26% of large firms reported the same.
