Change Is Ahead in the New Year - Articles

This issue of CFMA Building Profits gets to the heart of the construction financial professional’s (CFP’s) world. Covering important issues like the rise of the climate economy, winning strategies with DEI, and the changing digital landscape, CFMA members impact — and are impacted by — all of these thought leadership topics.

The challenge both for construction as an industry and for our members as a profession is to develop the solutions that will take advantage of these opportunities. And yes, they are opportunities to embrace change as much as they may seem to be problems to solve.

The United Nations Climate Change Conference & the Rise of the Climate Economy

World leaders and the built environment industry are once again convening for the 28th United Nations Climate Change Conference (Conference of the Parties of the UNFCCC or COP28). This year’s venue for COP28 is Dubai in the United Arab Emirates, which in and of itself is controversial as a large producer and consumer of fossil fuels.

But regardless of where you personally rest on the debate of the causes of climate change, it’s important for us as an industry to understand how to take advantage of the opportunities that the climate economy may provide through the growth of new asset classes (e.g., electric battery manufacturing plants) and by taking advantage of the incentive programs that are available to owners, operators, and construction companies.

“The Rise of the Climate Economy: The IRA’s Impact on the Construction Industry” specifically highlights legislation around energy-efficient and renewable energy projects that impact many areas of construction.

The Changing Digital Landscape

Within this issue are articles calling attention to the transformation of construction and construction accounting through automation and further industrialization.

There is a great deal of discussion throughout society about artificial intelligence with the advent of machine learning and OpenAI’s ChatGPT.

It’s uncertain how much it will impact our everyday lives — just as the internet and mobile phones have over the past two decades; however, a couple of things are certain about technology: ignoring it is not an option, and resistance is futile! Those who figure out how to embrace technology and embed these emerging tools will build a foundation for future success. Those who don’t may go the way of the horse and buggy.

Take a Moment to Look Back & Refresh

As we approach the end of 2023, it’s a great time to reflect on the past 12 months.

As CFPs, you continue to play a critical role in how society lives, works, and plays. Constructing the built environment, including much needed infrastructure development, is critical to economic growth and transformative living standards.

It’s encouraging to see how our members are contributing to those grand designs and exhilarating to see how they are shaping the future.

As we head toward the end of the year, I hope you take time for a well-deserved break to rest, refresh, and re-energize for what is bound to be an exciting new year.

I wish you and yours the joy of the season and best wishes for a successful and prosperous 2024.