"Managing Risk in a Digital Age" study released by FMI: Notes major changes in construction and engineering industries in next 5 years. 

FMI Corporation, the consulting firm for the Associated General Contractors of America (AGCA), recently released a study to provide insights into contractors’ perceptions and opinions on how the engineering and construction industry in the United States will change in the coming years and how these trends may impact risk management for these industries in the future.

ConstructionDive recently published the findings which include:

Download the entire 2018 AGC/FMI Risk Management study here.

ConstructionDive goes further to discuss the importance of technology in the industry, noting the ever evolving role of building information modeling (BIM), augmented reality (AR) and virtual reality (VR). VR is a computer-generated world that is based on either a real location or a completely made-up world or place, where AR superimposes a computer-generated image or model into the real world. AR/VR technology allows people to “meet” in a virtual model to discuss any conflicts in the design – even if it does not yet exist in the real world. In addition, AR/VR technology can improve project design and construction sequencing. These tools improve coordination between all trades on the jobsite, catching issues early, improving quality control and reducing change orders. A powerful tool in the toolbox, these technologies are offering exciting developments for the architectural, engineering and construction industries.

As we enter our 50th year in business in 2019, we look forward to what the future holds for our ever-changing industry.