The downward trend of productivity falling in the U.S. construction industry fell 30% between 1970 and 2024, while overall labor productivity more than doubled. A report from leading investment banking, securities, and asset and wealth management firm Goldman Sachs explains why the U.S. construction industry is trailing behind countries’ construction industries. One reason Goldman Sachs attributes to the trend is the limited gains in industry innovation. They cited that most construction materials and tools first originated in the 1950s. The industry has yet to fully take advantage of recent technologies…
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