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Record high inflation is not just having a negative impact at gas pumps and checkout lines. It’s also hurting the home construction industry. In the past year, the cost of construction materials and labor has soared. These steep prices forced every contractor and vendor to increase their fees which in turn resulted in sky-high home build estimates and costs.

Record high inflation is not just having a negative impact at gas pumps and checkout lines. It’s also hurting the home construction industry. In the past year, the cost of construction materials and labor has soared. These steep prices forced every contractor and vendor to increase their fees which in turn resulted in sky-high home build estimates and costs.

It’s no surprise that construction is a dangerous industry. Tens of thousands of construction workers are injured on the job each year, and according to OSHA, one in five job-related deaths in 2017 were in construction. How do we change this? It starts with training, adequate resources, and construction time management.

Thriving builders will seek every avenue available to maximize construction project profitability, whether it’s finding new ways to reduce construction budgets or taking every measure possible to avoid construction mistakes. But don’t forget the power of increasing worker efficiency!

A crucial objective for any builder is to figure out how to increase the profitability of new construction projects. While we do provide guidance on how to reduce construction mistakes and avoid cost overruns, it is ultimately up to each builder to decide what their plan of action will be to reduce overall costs. The following are just a few examples of what a builder may choose to do in order to keep their construction budgets in check.

Anyone who has spent time in the construction industry knows that construction mistakes are inevitable. Mistakes while building can be costly and major hassles, but mistakes on the business side can be even worse. Depending on the issue, the impact could range anywhere from being less profitable to going out of business, or even worse! To learn how you can avoid them, here are the top 5 mistakes that construction companies make.