Increasing Construction Productivity
Director, McKinsey Global Institute
Construction is a key industry in countries across the world, but one that has struggled to evolve its approaches as other industries have done, and one whose productivity has suffered as a result. Even while other sectors from retail to manufacturing have transformed their efficiency, boosted their productivity, and embraced the digital age, construction appears to be stuck in a time warp. In the United States since 1945, productivity in manufacturing, retail, and agriculture has grown by as much as 1,500 percent; productivity in construction has barely increased at all. This not only represents a lost opportunity for the industry but costs the world economy.