Smart Cities

Building Greater Efficiency into the Construction Industry

2017 was an important year for the construction industry. Consultancy firm McKinsey estimates the sector to now be worth around $10 trillion, potentially growing up to $14 trillion by 2025. While the numbers are impressive, what made 2017 so important for the construction industry was realizing its inefficiencies. The early introduction of advanced technologies have highlighted the vast gains to be found from modernizing construction processes. An article in the Economist last year entitled ‘Efficiency eludes the construction industry’ suggests that American builders’ productivity has plunged by half since the late 1960s. Whilst a McKinsey report concluded that while some construction companies are adopting new digital tools to enhance their productivity, including 5D modeling and data capture from drones, they say that tends to be the exception to the rule. “Most companies, however, have legacy systems and unique requirements for budgets, planning, and operations, so change is difficult,” the report suggested. The McKinsey report highlighted […]

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