Mitigating Risks In Western Canada's Hot Construction Market: Part 2

Western Canada's booming construction market has presented a number of risks for owners and contractors. Last week, we discussed the challenges posed by the workforce shortage. This week, we'll look at other issues impacting the construction space and discuss how you can mitigate your risks.

SUPPLY CHAIN DISRUPTION

Disruptions to the supply chain can cause major issues for contractors. These disruptions impact a contractor's ability to order and receive the materials and equipment they need to complete a project in a timely and reliable manner.

Mitigation Strategy:

Contractors can seek opportunities early in the design development phase to mitigate supply chain risk. This may include pre-ordering key equipment, materials, commodity-based inputs and long-lead items to lock in pricing. Contractors may wish to create contingency plans that include alternative materials when possible.