Building the future: the impact of the 2024 election

The 2024 election has just passed, and the construction industry is at a crossroads. Home builders, contractors, and industry insiders are paying attention because it will affect how they work. From tax law changes and infrastructure spending to environmental regulations the new administration will be tweaking will impact everything in the construction world.

We’re used to change in our industry, but staying ahead of it is key to long term success. Being proactive, not reactive will be the difference between thriving and just getting by in the post election economy.

Why is the 2024 Election So Big for Construction?

For the first time in a long time, housing isn’t just a talking point but the focal point of the presidential candidates’ economic plans. It’s not just housing in general but housing supply and affordability—a problem that’s gotten worse over the past few years.

This is a big deal because it could actually mean real changes to some of the industry’s biggest problems:

• Affordability: With housing prices through the roof, affordability is a big issue for many Americans. Policies to increase housing supply could stabilize or lower home prices and make homeownership more achievable.
• Labor Shortages: The construction industry has a shortage of skilled labor. Immigration policies, education and vocational training initiatives proposed by the candidates will positively impact the supply of skilled workers.
• Regulatory Environment: Changes to environmental regulations, zoning laws and building codes should simplify the process and make it easier to do  construction projects. 

Post-Election Construction Impact

The election will bring opportunities and challenges, especially on the availability and cost of building materials. The industry will see fluctuations in material costs due to:

• Trade Policies: Changes in tariffs and trade agreements will impact the import and export of building materials like lumber, steel and aluminum.
• Infrastructure Spending: Infrastructure bills will increase demand for materials and labor and could drive up costs but also create new business.
• Supply Chain Management: The global pandemic showed us the weaknesses in the supply chain. Future policies will focus on domestic production, which will be good in the long run but short term pain.
  
  

Builders and contractors will have to be nimble as the political and economic landscape changes. Being nimble means:

• Stay Informed: Keep up with policy changes and how they impact the industry.
• Financial Planning: Plan for material cost increases and adjust your budget accordingly.
• Strategic Sourcing: Diversify your suppliers to mitigate supply chain risks.
  
  

How Can Builders Prepare for Potential Changes?

Industry professionals should keep informed and be proactive. Here are the steps builders can take:

1. Review the Republicans Platform

Know what the Republicans are saying about construction industry issues.

• Housing Incentives: Look for tax credits, subsidies or programs that promote homeownership.
• Labor Regulations: Check on minimum wage, overtime rules and labor union relations.
• Environmental Policies: How will changes in environmental regulations affect building codes and construction methods.
  
  

2. Leverage Industry Tools

• Webinars and Seminars: Attend events that cover the election’s impact on the industry.
• Networking: Talk to your colleagues to share information and ideas.
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3. Fortify Your Business

Now’s the time to toughen up your business against the unknowns.

• Financial Health: Make sure you have enough cash to absorb cost swings.
• Operational Efficiency: Simplify processes to reduce waste and increase productivity.
• Technology: Use technology to manage projects, communicate and be more efficient.
  
  

How Bolster Helps You Prepare for Anything

In times of this potential, massive economic growth, and policy changes,  the right tools and support will make all the difference. Bolster helps contractors navigate the complexity of renovation and construction projects.

• Project Management Support: Bolster provides tools and resources to manage projects better.
• Simplified Communication: The platform enables everyone to communicate clearly to avoid misunderstandings and delays.
• Financial Management: With budgeting tools, you can track expenses and profits.
• Risk Management: Bolster handles administrative tasks and provides a framework so you can focus on the work.
  
  

Industry Changes

With Bolster’s platform contractors can:

• Efficiency: Simplify processes to save time and resources per project.
• Flexibility: Be able to adapt to changes in regulations or market conditions.
• Data-Driven Decisions: Get detailed reporting to make informed decisions on market trends. Check out this blog on the power of data.
  
  

Get Ready to Win with Bolster

The change in governance is sure to positively change the housing market and the construction industry as a whole. With preparation and a plan, you can capitalize and thrive in these exciting, positive times.

Now’s the time to Bolster up your project management. Partner with Bolster to prepare for growth and industry changes.

• Bolster Website: Learn more about Bolster for your construction business.
• Book a Call: Talk to us about your needs and we’ll show you Bolsters benefits.
• Get Ahead: By using Bolster you’re hedging your bets.
  
  

In Summary

In a changing industry knowledge and the right tools is everything. The 2024 election win of the Republicans will create incredible opportunities for the construction industry. Prepare now and use Bolster.

• Stay Informed: Follow policy and understand how it impacts you.
• Get Ahead: Act now to toughen up.
• Technology: Use Bolster to simplify, transparency and profit.
• Industry: Join associations, networks and groups to share information and ideas.
  
  

The future is now and with the right approach and tools you can thrive and prosper in the residential construction industry. To learn more about how we can support you and bolster your success, book a demo!