The latest McKinsey report said it expects the coronavirus to accelerate that growth. McKinsey surveyed around 100 experts and construction executives, half have already increased their investments in tech since the pandemic began. 7 top VC investors reveal where real-estate tech portfolios are hurting the most and what they need to stay alive through a year of crises
Construction executives had a number of realizations during the crisis, said Maria João Ribeirinho, a McKinsey partner and global leader of the firm's engineering and construction practice, on the call. The transformation in the industry, which could lead to a 60% increase in productivity over time, will turn a localized and fragmented industry into one that is consolidated and focuses on buildings as if they were repeatable products, instead of one-off projects. It will be driven by both new entrants, like SoftBank's Katerra, and from more traditional, incumbent builders.
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And not just for the construction industry. As lockdown starts to go into reverse, the fallout will leave no end of opportunities for business of all kinds. Picking these up and putting them to work is what free enterprise does.
If you build it, we shall paint rainbows on the windows. You have all been warned.
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