Why new technology is the future of the construction industry

The construction industry faces many challenges. New technologies from augmented reality and digitisation to exoskeletons and robotics can help solve them. Matthew Partridge reports.

Shard
Digital project management may be just the first step in the construction technology revolution.
(Image credit: © Getty)

The construction industry is booming. From houses to motorways, demand has never been higher. But while demand has increased, productivity hasn’t. The productivity of workers in the two decades up until 2017 increased by just 1% per year, compared with 2.8% for the global economy and 3.6% for manufacturing, according to consultancy McKinsey.

With long-term labour shortages looming, there are big opportunities to improve the way the industry works. Construction is facing four major challenges, says Russell Haworth, chief executive of construction technology platform NBS.

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Dr Matthew Partridge
Shares editor, MoneyWeek

Matthew graduated from the University of Durham in 2004; he then gained an MSc, followed by a PhD at the London School of Economics.

He has previously written for a wide range of publications, including the Guardian and the Economist, and also helped to run a newsletter on terrorism. He has spent time at Lehman Brothers, Citigroup and the consultancy Lombard Street Research.

Matthew is the author of Superinvestors: Lessons from the greatest investors in history, published by Harriman House, which has been translated into several languages. His second book, Investing Explained: The Accessible Guide to Building an Investment Portfolio, is published by Kogan Page.

As senior writer, he writes the shares and politics & economics pages, as well as weekly Blowing It and Great Frauds in History columns He also writes a fortnightly reviews page and trading tips, as well as regular cover stories and multi-page investment focus features.

Follow Matthew on Twitter: @DrMatthewPartri