Construction plays a critical role in the US economy. The industry employs millions of workers and involves trillions of dollars every year. However, construction has notoriously been plagued by high costs and low productivity and has been slow to adopt technology. This was evidenced in the infamous McKinsey report highlighting how construction was the only American industry less productive in 2010 than it was in 1960. Given COVID-19, the construction industry can no longer afford to be tech adoption laggards and traditional incumbent firms across the landscape will be forced to use optimization technology in new ways. While the construction industry is vast and complex, here we highlight market segments and companies that are poised to benefit from a post COVID-19 emphasis on optimization and cost reduction.
Sources: https://www.agc.org/learn/construction-data
