In August 2022, Forbes reported that a housing market recession had officially started just a month prior, when the decline in US home sales marked its sixth consecutive month. Builders are struggling to build, with permit applications falling 1.8 percent from June to July 2022 and homes newly under construction falling 9.6 percent in the same period.
The commercial construction and real estate market is struggling as well, with downtown vacancies remaining high post-covid as many organization reevaluate their space needs.. Materials still have record wait times due to the supply chain issues caused by Covid-19, interest rates climb higher and higher, and prospective buyers are once again being effectively driven out of the real estate market.
But even before this year, and well before the Covid-19 pandemic, the construction market was precarious at best. Data tells the tale of a gloomy prospect, but innovative technology will be able to prove decisive and indispensable in the fight against the crisis facing us, resulting in better living conditions and fairer opportunities for all.
A report by 5Jewels Research estimates the role that digital technologies played in preventing around 20 percent of global GDP from being wiped out in 2020. This accounts for a total saving of $17 trillion in favor of the global economy, which tells us something worth highlighting: technology can drive a sustainable economic recovery, and can be harnessed to “enable the widespread integration of renewable energy, make cities more livable, render transport more efficient and vastly improve healthcare delivery.”
Continue reading: https://www.facilitiesnet.com/software/article/How-Blockchain-Can-Improve-Real-Estate-Transactions--19687
The commercial construction and real estate market is struggling as well, with downtown vacancies remaining high post-covid as many organization reevaluate their space needs.. Materials still have record wait times due to the supply chain issues caused by Covid-19, interest rates climb higher and higher, and prospective buyers are once again being effectively driven out of the real estate market.
But even before this year, and well before the Covid-19 pandemic, the construction market was precarious at best. Data tells the tale of a gloomy prospect, but innovative technology will be able to prove decisive and indispensable in the fight against the crisis facing us, resulting in better living conditions and fairer opportunities for all.
A report by 5Jewels Research estimates the role that digital technologies played in preventing around 20 percent of global GDP from being wiped out in 2020. This accounts for a total saving of $17 trillion in favor of the global economy, which tells us something worth highlighting: technology can drive a sustainable economic recovery, and can be harnessed to “enable the widespread integration of renewable energy, make cities more livable, render transport more efficient and vastly improve healthcare delivery.”
Continue reading: https://www.facilitiesnet.com/software/article/How-Blockchain-Can-Improve-Real-Estate-Transactions--19687
