Did you know that over the past 20 years, global construction productivity has only grown 1% a year? Though construction is one of the largest industries in the world, the sector’s productivity continues to lag far behind similar industries like manufacturing (3.6%) and the economic average (2.8%).
If construction-sector productivity were to catch up with even the economic average, it would boost the industry’s value by an estimated $1.6 trillion, adding about 2% to the global economy. With such high stakes, we all have a vested interest in determining ways to become more productive. But what’s actually causing the construction industry’s productivity problem?