2020 FMI/Autodesk Industry Report
In 2019, Autodesk partnered with FMI to survey over 2,500 construction professionals worldwide. Participants were asked to rank the level of trust within their own organization and between collaborators on projects. The study suggests that businesses and project teams can not only measure trust, but actively improve it. Construction firms can take proactive steps to build stronger relationships, deliver more certain outcomes and, ultimately, improve their profitability.
It’s no secret. The construction industry experiences waste and inefficiencies. In the US alone, missed schedules cost the industry an estimated $165 billion, or about 17% of the total multifamily, nonresidential building, and non-building construction spending for 2019. Less often measured is the extent to which trust, or lack thereof, contributes to the waste and inefficiencies.
Nearly all construction professionals (93%) report a basic level (average or above) of trust within their organization. Yet, the percentage of organizations with very high levels of trust is notably less.
Only 37% of construction professionals rate their organization as having high levels of trust. There are significant performance gaps between the highest trust and “above average” firms.
High trust firms are half as likely to encounter the problems that commonly arise if data isn’t shared fast enough – 18% say this rarely or never happens. Furthermore, high trust firms are twice as confident about meeting project schedules and budgets. Finally, we found that professionals at high trust firms are the most enthusiastic about taking on repeat work with collaborators across the construction ecosystem.