Why Your Construction Company Might Want to Assume More Risk
Post date
March 09, 2020
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The construction industry has changed dramatically in the last decade. However, it hasn't advanced as quickly as other sectors that rely more heavily on high-tech equipment. According to a recent report by McKinsey & Company, productivity growth in the construction field has averaged 1% over the past two decades, compared with 2.8% for the world economy.
Avoidance of risk is often cited as a key factor in this disparity between the construction industry and the overall economy. Risk-averse contractors are notoriously slow to adapt to emerging challenges and opportunities. But to achieve greater productivity, they may need to change their attitudes and their work cultures.