March 3, 2017
There’s been a great deal written about construction keeping up with demand. And, the main culprits have involved labor shortages and zoning issues. A recent report from McKinsey & Co., however, blames the issue on productivity. Namely, the global construction industry has “evolved at a glacial pace” when it comes to productivity and speed, McKinsey said.
For example, construction is one of the least-digitized sectors in the world. In the United States, it’s second to last on MGI’s digitation index. Meanwhile, Europe is at the very bottom of the index.
As the industry employs 7% of the world’s working-age population, and is one of the world’s largest economy sectors, McKinsey indicated that the industry needs to take on a “broader adoption of mass-production approaches.”
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