Building Boom—And Barriers
Skills Shortages Are Complicating the Construction Industry's Growth
The construction industry is on strong footing, but skills shortages and rising costs are complicating the project landscape. Increased productivity remains the way forward.
of urban construction markets are warm, hot or overheating in 2017*.
were warm, hot or overheating in 2016*.
*A market that has a high number of construction projects and high prices
of advanced economies saw construction costs rise faster than the overall inflation rate.
24 out of 43
surveyed construction markets are suffering skills shortages in 2017—up from 20 markets last year.
And the construction industry is lagging well behind annual productivity improvements seen in other sectors during the last two decades:
Source: International Construction Market Survey 2017, Turner & Townsend, 2017; Re-Inventing Construction: A Route to Higher Productivity, McKinsey, 2017