Building or Renovating in 2024? Here Are 4 Things to Know. 

Are you looking to embark on a construction project in 2024? From potential rising subcontractor prices to permitting challenges and alternative approaches to construction, here are four crucial considerations to keep in mind as you begin your project.

1. Price Increases from Subcontractors

One of the primary challenges facing construction projects in 2024 is the consistent increase in prices from subcontractors, such as those supplying concrete and other essential materials. Unfortunately, these costs don’t seem to be on a downward trend. Waiting to kickstart your project might end up becoming more costly, as the longer you delay, the more expensive it becomes.

To navigate price increases effectively, it’s essential to stay informed about market trends and engage in strategic planning. Consider locking in contracts with subcontractors and material suppliers early on to secure current prices and decrease the risk of facing higher costs down the road.

2. Permitting Challenges

Navigating the permitting process has become more difficult than ever. Cities are taking longer durations to approve permits, and the situation has not improved since the challenges posed by the COVID-19 pandemic. Staff shortages, overworked officials, and increased outsourcing have contributed to delays in obtaining the necessary approvals.

In light of these challenges, it’s wise to factor in extended timelines for permitting when planning your construction project. Talking to local authorities earlier on and being careful with permits can make the process quicker when getting approvals.

3. Renovating vs. Building from the Ground Up

For commercial development, it may be more wise to consider renovating existing buildings rather than opting for new construction. The current market conditions often favor purchasing existing structures, offering a better overall value. 

The same principle holds for housing projects. Assess the local real estate market, weigh the pros and cons, and explore the potential benefits of a renovation project for commercial and residential developments.

4. Design-Build Process for Efficiency

Consider going for the design-build process in your construction project. The design-build process builds a collaborative partnership between the general contractor and a design team from the beginning of the project through the end. This helps accelerate the construction timeline and ensures your budget is considered throughout the entire process. 

The design-build model encourages communication and collaboration between the various parties, leading to more efficient decision-making and a well-organized construction process. By integrating design and construction knowledge from the start, you can minimize the likelihood of budget overruns and delays.

Value of a General Contractor 

Launching a construction project in 2024 demands careful consideration of changing industry trends. It’s important to stay ahead of rising subcontractor prices, navigate permitting challenges with foresight, explore the advantages of renovating existing structures, and embrace the efficiency of the design-build process.

A general contractor can help you navigate all of these challenges, keeping your budget and vision in mind! As a design-build general contractor, we are passionate about helping our clients through the entire construction process. Contact Nexgeneral Construction today if you have questions about starting a project in 2024!