In 2021, the construction industry has spent $1.58 trillion through August. While construction is a massive industry, it generally has been notoriously slow to adapt to technological advancements. The pandemic has undeniably helped fast-forward the real estate industry, including finance and construction, into the 21st century with things like digital closings, virtual notaries, electronic signatures, and digitized closing and project management systems, but there's still a huge market share that isn't being served.
That's why start-ups like Built Technologies, among other start-ups like Avvir and Workrise, are receiving major financial backing to help expand, grow, and innovate. Construction companies in particular have been battling supply chain interruptions, rising inflation, and labor shortages, all of which impact its bottom line and project timeline. This also makes it challenging for financial institutions to monitor the projects or underwrite potential projects.
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