“In general, construction in Europe and the US continues to be done primarily by hand—not all that different from how it would have been done a century ago,” states Mr. Gorman, an associate partner in McKinsey’s property team.
The McKinsey Global Institute came to the conclusion back in 2017 that the construction sector could increase productivity by 50–60% and increase the sector’s global value by $1.6 trillion (£1.3 trillion) annually.
Since then, efficiency has increased thanks to better manufacturing procedures and the usage of new software and apps, but not as much as one may have thought, according to McKinsey.
When it comes to digitalization, the construction industry lags behind many other sectors. Digital adoption in the broadest sense has been sluggish, according to Mr. O’Gorman.
