The great volatility era is here.

Its roots trace to when cases of Covid-19 started to go haywire in early 2020. Its arrival was delayed – not prevented – by trillions of dollars of federal stimulus, stabilization, and accommodation. Yet, here we are.

  • Uncertainty runs through every domain
  • What’s been strong economically is showing signs of weakness
  • What was languishing has been showing signs of vigor
  • The conditions that normally drive healthy housing demand are present, but may be trapped in a vicious circle of supply constraint
  • A decade-plus run-up of growth is distorting clear recognition what’s going on now and what will happen next
  • Global instability is intense and growing more so
  • Your reasons for optimism or pessimism about housing’s near-term trajectory self-confirm

Andreessen Horowitz venture capital co-founder Marc Andreessen writes,

Source: National Center for Construction Education & Research

The report notes:

Despite repeated efforts over the years, the construction industry still struggles with discrimination and harassment. Although progress in addressing these issues has improved in the office environment, it has not adequately improved in the field. In fact, based on our research, sexual harassment is still identified as the number one issue in the field that construction leaders need to address (Figure 3). Further supporting this point, a survey of 2,740 craft professionals (94.7% men and 5.1% women) from all 50 states were asked to describe their jobsite experience from “agree” to “disagree” in relation to the following categories: respect, unprofessional treatment, and derogatory comments.

In a time of heightened and sustained volatility, outcomes will depend as much on the people capital organizations can tap into and bring into action, as on financial capital. As much as it can be said that severe financial capital constraint exposes a firm to greater risk, the same goes for people capital.

It’s no time to backslide on investments and commitments that ensure your firm’s ability to navigate and respond with resliency in the turbulent times ahead. Especially when the out of pocket cost of that investment and commitment is merely remembering and practicing the Golden Rule and Common Sense.

The report concludes:

If we want construction careers to be a viable option, we have to change not only the culture of our companies and projects, but we also have to change the culture and perception of our industry. This starts with recognizing that we are not effectively appealing to the largest percentage of the population. We need to create a work environment that actively addresses issues such as the elimination of harassment and discrimination, support for childcare, more training, and more leadership opportunities for women at the project level. Our project sites must become places where we are comfortable having our wives, sisters, and daughters working. This will not happen overnight, but we can be sure it will not happen at all if we do not make intentional and visible changes.”

Construction, development, investment, design, and real estate leaders are big on prioritizing focus on “the things we do control.” This is one of them.

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