The USA as a Global Driver of new Building Technologies and Trends
Technology has played a significant role in advancing the building and construction industry as it has mapped the United States among the countries with the most advanced structures. The country has invested greatly in research and technology over the years, which has enabled it to become an innovation hub. The history of industrialization in the country has created a competitive advantage for the different industries making them focus on innovation in different tools and equipment. Such an opportunity has made it easy for the country to develop a pool of professionals who have empowered industries like building and construction to become a global power. Technology-enabled the USA to become a global driver of new building technologies and a vibrant market for their products through PropTech technology.
Construction and engineering technology in the United States is one of the most successful industries in the country. Research shows that the United States leads in the global landscape in technology and innovation. This position is attained through strong business dynamism in the country, well-developed financial mechanisms, highly established institutional pillars, and vibrant innovation environments (Robinson, Leonard, and Whittington, 2021, p. 14). The combination of such resources gives the country an organized framework through which innovators can try different technological aspects leading to the development of highly innovative structures. Innovation is considered a trademark in the United States, making it highly competitive among the different global economies and dominating the field since the industrial revolution in the postwar era (McCoy and Yeganeh, 2021). The industrial revolution made the country a forerunner in technological development and digital economies, giving the country a competitive advantage over other world economies. Among the top hundred global distribution of digital companies, the United States tops with the highest market capitalization. Such capitalization gives the country much at their disposal to try new technologies as they can fund most of the innovative projects.
In terms of building and technology, the United States is still topping in developing construction technologies, making the country have diverse architectural structures. The construction industry is considered to comprise a complex cluster of industries that are uncomfortably categorized into one single industry (McCoy and Yeganeh, 2021). The industry comprises residential construction, industrial structures, commercial buildings, and civil engineering projects. Such sectors include architects, site work specialists, engineers, and renovation and maintenance staff (Robinson, Leonard, and Whittington, 2021, p. 18). A diverse class of professionals makes the industry dynamic and vibrant, enabling the country to develop world-class structures, making history worldwide with the most technologically advanced architectural and engineering structures. The advancement of technology in the country is considered the driving force behind most of the architectural structures which form landmarks in different parts of the world (McCoy and Yeganeh, 2021). Such aspects can be linked to developing quality construction equipment, researching viable building products, and the exceptional performance of qualified professionals who make the industry highly competitive internationally.
The development of modern technology is considered to have a significant impact on the advancement of the construction industry. The development of 3D technologies has enabled the construction of new and advanced structures as they can view structures from different perspectives, allowing them to develop structures of different shapes and forms. The construction market has also developed at a high rate, with the development of numerous forms of construction increasing in demand every year (Robinson, Leonard, and Whittington, 2021, p. 13). The diversity in construction needs ranges from residential, non-residential, and infrastructural projects. Urbanization is another factor pushing the United States to become a global driver for new building technologies.
The US Real Estate Market in Mastering PropTech Technologies
PropTech in the United States is considered to undertake drastic expansion due to the continuous advancement in technology in the country. The age of PropTech is still young in the country; therefore, the information about the extent to which the dynamics of its expansion are still not fully known. The development of mobile telephony and the internet is considered the fourth industrial revolution, impacting humanity in all areas of their lives (Baum, Saull, and Braesemann, 2020, p. 5). The fourth revolution influences innovation in three main areas: provision of information, transactions, and management and control. Real estate in the United States is an asset to the country and is not immune to the changes resulting from continuous innovations. Proptech is a small part of the digital transformation experienced in the property industry (Braesemann and Baum, 2020, p.3). PropTech is a recent development in the real estate industry that is driving significant changes in the building and construction of modern structures. Further, it addresses consumers’ needs through innovations supported by data collection to assemble materials, do transactions, and create designs used in the construction of new structures in cities.
PropTech is considered to develop from three main movements: Fintech, shared economy, and smart building technologies. These movements existed independently and impacted the building and construction industry differently. Fintech is a technology-based platform that facilitates trading real estate ownership in buildings, funds, shares, equity, or debt (Braesemann and Baum, 2020, p.6). Fintech platforms provide information on new projects connecting buyers and sellers with the ultimate asset leasing and ownership transactions. A sharing economy is a technology-based platform that uses real estate assets like land, buildings, and other properties (Braesemann and Baum, 2020, p.4). Their difference is that it provides prospective buyers and sellers information about spaces. Smart buildings are technology-based platforms that facilitate the management and operations of assets in real estate (Baum, Saull, and Braesemann, 2020, p. 6). The platform effectively manages buildings in different urban centers and provides information about the country’s cities. The combination of the different technologies to form Proptech makes the platform provide complete information about the real estate industry, including the benefits and or investing in various properties in different cities.
PropTech in the United States is considered to develop in different waves since the real estate industry is a flexible industry that embraces change. The heterogeneity of the industry makes it easier to be traded in public and private markets. Such a feature enables the industry stocks to be formed as a private portfolio, including risks during the trade and valuation of the properties making the industry highly profitable (Braesemann and Baum, 2020, p.6). The industry has developed the need for an agency where the trading is undertaken through real estate specialists who conduct business on behalf of their clients. Such aspects have drastically developed the real estate market due to increased trading activities. Increased activity has led to new structures and designs that attract more investors leading to drastic growth and development. The industry has enhanced the creation of employment where professions like chartered surveyors, lawyers, and brokers continue to increase. Such changes have developed a battle between traditional advisors and the new generation of advisors who dominate the recent Proptech wave with information on current trends in the industry.
The advancement of technology in real estate provides critical information about real estate. Such details make real estate grow drastically and attract numerous investors who invest in properties in different cities based on the benefits that accrue in different markets. The new wave of Proptech is considered to effectively correspond to the global financial markets as new and innovative technologies are adopted, making the market efficient and proficient in its operations. The availability of information about the global real estate industry has enhanced competition in the global real estate market as new building technologies are shared among different parts of the world. Technology aid the development of competitive advantage and maximization of profits. Research on the industry has enhanced the identification of the challenges experienced in different countries where the information is used to develop mechanisms that enable avoidance of such mistakes. The information provided has enabled the identification of the size of the market, investment activities, and geographic dispersion, which show the rate at which the industry develops.
Reference List
Baum, A., Saull, A. and Braesemann, F. (2020). ‘PropTech 2020: the future of real estate’, pp. 1-44. Web.
Braesemann, F. and Baum, A. (2020). ‘PropTech: turning real estate into a data-driven market? ’, pp. 1-22.
Mccoy, A. and Yeganeh, A. (2021). An Overview of Emerging Construction Technologies, Web.
Robinson, G., Leonard, J. and Whittington, T. (2021). ‘Future of Construction a Global Forecast for Construction to 2030’, Oxford Economics Ltd, pp.1–62. Web.