The Economist: Rethinking productivity in construction
Low productivity has been a constant in the construction industry, raising costs and adding risk and waste across project life cycles. Better collaboration is essential to improving productivity in multi-disciplinary teams with shared risks and rewards across the value chain, and involves a willingness to think and act beyond the context of individual projects. The first step is breaking down the siloes that exist between stakeholder groups and building long-term relationships that allow identification of opportunities for improvement.
The situation can be further improved by greater adoption of value-based procurement and innovative industry technologies—such as virtual design and construction or building information modeling—as well as by minimizing the impact of government regulations on individual contractors.