Construction has long been considered an industry that lacks both evolution and innovation. While other industries have avoided stagnation by becoming more efficient and productive over time, the construction industry has been stuck in its tracks. According to McKinsey in 2017, the industry has failed to keep up with the global averages for productivity growth, with global productivity only growing by 2.8% over the past 20 years. They also found that construction projects typically take 20% longer to finish than scheduled and are up to 80% over budget.
The construction sector is one of the largest in the world, employing close to 7 percent of the world’s working-age population and with a yearly spend of around $10 trillion on construction-related goods and services. Reports show that in North America, construction costs are up between 5% and 11% from last year, and we’re currently in a double housing