What Does BuildTech Mean?
The construction industry moves a huge amount of resources, employs millions of people, and is a fairly accurate gauge for the economic situation of different countries. If the economy goes down, construction shrinks, and vice versa. Members of the construction industry include mining companies, contractors, material manufacturers, architects, engineers, governments, real estate, and more. In other words, many agents participate either directly and indirectly in the industry. But construction is also considered to be one of the most backward and resistant industries to embrace new technologies, instead opting to replicate traditional ways of doing less efficient work with high rates of waste. A study by McKinsey & Company showed that, unlike other industries, industry productivity has remained stable in construction in recent years, despite all the technological progress that has occurred.
Minimod / MAPA. Image © Leonardo Finotti
The construction industry moves a huge amount of resources, employs millions of people, and is a fairly accurate gauge for the economic situation of different countries. If the economy goes down, construction shrinks, and vice versa. Members of the construction industry include mining companies, contractors, material manufacturers, architects, engineers, governments, real estate, and more. In other words, many agents participate either directly and indirectly in the industry. But construction is also considered to be one of the most backward and resistant industries to embrace new technologies, instead opting to replicate traditional ways of doing less efficient work with high rates of waste. A study by McKinsey & Company showed that, unlike other industries, industry productivity has remained stable in construction in recent years, despite all the technological progress that has occurred.
