You’ve likely heard the phrase “time is money.”
But it’s particularly true in the residential construction industry...
In 2022, our industry faced unprecedented challenges, from extreme weather to staffing shortages and supply chain disruptions.
It resulted in 35.1% of residential building projects running late.
How much are these delays costing you as a building company owner?
Unfortunately, many builders don’t appreciate just how expensive a job overrun is.
The True Cost Of A One Day Delay
The 2023 State of Residential Construction Industry (SORCI) Report revealed that 48.3% of builders don’t know their fixed expenses per job per day.
This means many builders don’t fully understand how much a one-day delay costs them, especially as that money comes directly from their bottom line.
To put this into perspective, an average $750,000 build can cost a builder around $670 every day the job is delayed.
One week of delay, which in theory doesn’t sound that bad, actually ends up costing builders thousands of dollars in cold hard cash.
This is one of the many construction project insights that the 2023 SORCI Report revealed, and it’s insights like this that can help you understand how your company compares with others in the industry.
Making Data-Driven Decisions For Your Building Company
At APB, we’re on a mission to improve the residential construction industry.
Since 2020, we’ve been surveying established residential home building companies across four countries, collecting data, and analysing the results to uncover insights that can help builders make data-driven decisions to improve their businesses.
If you are the owner of a custom home building company and you’d like to take your business to the next level by making data-driven decisions in 2024, then you need to take part in the 2023 State of Residential Construction Industry Survey.
It only takes around 15 minutes to complete, and when you finish, you will receive a personalised grading that will give you a far greater understanding of where you stand, your business’s strengths and areas for improvement.
Don’t miss out on the opportunity to participate in the 2023 SORCI Survey, the most comprehensive international survey of residential building companies.