FMI survey finds construction industry not ready for post-recession reality

RALEIGH, N.C., May 26, 2009 – Stocks have fallen, banks have failed, projects are being delayed and cancelled at an unprecedented rate and bailouts have come. Most sectors of the construction industry are facing their most severe downturn in more than twenty-five years. All of this begs the question, how is the industry responding?

To answer this question, FMI surveyed 230 of the most influential executives in the U.S. construction industry to gauge exactly how executives of the industry’s leading firms were preparing for a rapidly changing landscape. It is clear that the world is changing, and participants in this year’s survey were asked to rate just how much the competitive environment had intensified over the last twelve months.

According to Briston Blair, author of the report, “Our findings suggest that while most companies anticipate a high degree of future uncertainty, they have not adapted the way they develop strategy. As uncertainty increases, so too should the level of preparation and depth of analysis that is used to determine a go-forward direction. Far too many contractors have yet to adapt to the changing context.”

    Some of the more interesting report findings include:
  • Many firms do not feel adequately prepared for the uncertainty that lies ahead
  • Firms in the middle market are anticipating the most uncertainty and are the least prepared
  • The lack of in-depth planning is preventing some firms from developing a strategy that aligns with the shifting industry context

To learn more about the 2009 Construction Industry Strategy Survey visit fminet.com

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