“Good morning, Construction. Your mission, should you choose to accept it, is to lead the construction industry in a high-stakes race against time. The challenge: double the industry’s growth by 2040.”

That is the gist of McKinsey’s August 2024 article, “Delivering on construction productivity is no longer optional.” The article paints a picture of an industry with tremendous growth potential but is still in slow progress despite its increased tech investments.

Whopping growth potential
The construction sector is heading towards notable growth: at constant prices, global construction spending is expected to rise from $13 trillion in 2023 to a striking surge of $22 trillion by 2040—a 70% increase!