Drive Construction Productivity Through Digitization
In a global economy where productivity is often monitored to the last minute, labor productivity has grown by 2.8% over the past two decades according to McKinsey. The construction industry lags behind that with 1% productivity increase over the same time period. The good news is that through technology, the construction industry can now catch up to these other world industries and by doing so would add $1.6 trillion to the global economy. The same report showed that construction companies that embrace digitization, new materials and advanced automation increase overall productivity by 50 – 60%.