Where Construction Firms Are Finding Value.

Across the globe, while construction projects continue to grow in both scope and complexity, labor productivity is flatlining. According to McKinsey Global Institute, builders’ productivity growth worldwide has averaged only 1% growth per year over the past two decades, compared to 3.6% growth in the manufacturing sector. In the U.S., construction productivity has actually dropped by half since the late 1960s. While productivity is stagnating, the labor shortage is intensifying, and the cost of both materials and labor is rising.

Adding to these pressures is a shrinking pool of skilled talent; according to the 2017 FMI Talent Development Industry Study, 89% of construction firms indicated they were facing talent shortages—up from 53% in 2013. To compete in today’s market, firms must find new ways to alleviate these pressures.

Click HERE to access the report.

Information courtesy of Procure Technologies.

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