As the construction industry strives to improve efficiency, decrease costs, and embrace new technologies, artificial intelligence (AI) will undoubtedly become an integral tool on large-scale project sites globally. The construction industry typically lags behind other industries when it comes to embracing new technologies. Fortunately, a joint venture between IBM and Fluor, a global engineering and construction company, promises to usher in a new age of innovation for the construction industry.
The Memphis contractor lawyers at Cotney Construction Law introduced AI in construction in part one. In part two, we will continue to discuss the effects of AI on construction sites and explain why the arrival of AI doesn’t necessarily indicate a move towards automation for the construction industry.
Putting a Stop to the Labor Shortage and Increasing Costs
If AI can be utilized to its fullest potential, researchers believe it can help stop the labor shortage and decrease the costs associated with major projects. If AI can streamline processes and assist construction professionals with mathematical tasks, it will allow less skilled workers to enter the industry because more complex processes will be assigned to supercomputers. Furthermore, it will decrease the cost of construction by speeding up production and providing valuable data as soon as it’s needed.
The Effect of AI on Employment
The construction industry has resisted digitization over the last few decades because there is a strong yet unfounded belief that new technology will take away people’s jobs. Introducing AI to the construction site isn’t going to replace workers with robots in bright yellow hard hats. For the time being, AI will assist with cost estimation, scheduling, and quality control, but it will not affect physical jobs and processes. For example, AI can help construction projects reduce their waste output. Up to one-third of a project’s value can be lost on inefficient practices involving waste production and disposal.
Funding for AI in the Construction Industry
There has been a significant uptick in the amount of funding entering the architecture, engineering, and construction space. $882.3 million flowed into the construction industry last year through 103 venture capital investment deals. So far in 2018, 61 deals worth $1.38 billion have already been processed. Since 2013, the construction tech industry has been stimulated with over $18 billion in investments. Certainly, the future of the construction industry will be greatly influenced by the arrival of new technologies that redefine what it means to build.
For now, the inclusion of AI on construction sites aims to give the construction industry a moderate boost in efficiency and profitability. As this technology is further developed and applied to the construction site, the construction industry will experience rapid growth.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.