The ground is shifting for design and construction firms
The Architecture, Engineering, and Construction [AEC] industry is now being disrupted.
The way buildings are financed, designed, and constructed has remained relatively unchanged for decades. As the largest contributor to global GDP (13%), the AEC sector is critical to the world economy, yet it remains one of the least efficient, with a mere 1% annual growth in productivity. The sector faces challenges in managing risks, controlling costs, and meeting time deadlines. 1.
Today, the industry is at a tipping point. The demand for faster, more affordable construction, the need for risk management, and the push toward sustainability are driving the adoption of novel technologies, materials, and methods.
These changes are prompting forward-thinking firms to reconsider their operational methods and market approaches, transforming traditional practice models into new and unexpected formats. A roadmap for responding to change and capitalizing on evolving opportunities is now critical.
In the coming months, we will focus on various aspects of the industry’s ongoing disruption and the essential steps firms need to implement to remain competitive. From formulating strategies for differentiation or new market entry, to methods for enhancing communications, business development, and promotion, we will explore the reasons, explain methods, and offer insights, guidance, and information to help firms navigate this novel and complex landscape.
Source: The Next Normal in Construction - McKinsey & Company