However, in the past decades, the industry has lost a large amount in value due to low labor productivity. The productivity growth of the construction sector has been comparatively lower than that of the total global economy and the manufacturing industry. Low productivity may be attributable to several reasons, including a highly regulated industry and dependency on public sector demand. The difficulties of the market can bring poor project management and execution, a lack of skill, and inadequate design processes. There are known ways to overcome these barriers, however, it is difficult for individual entities, despite high revenues, to change a traditional system.
Market size of the construction sector worldwide in 2015, by region
(in trillion U.S. dollars)
Characteristic
Market value in trillion U.S. dollars
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McKinsey & Company. (February 17, 2017). Market size of the construction sector worldwide in 2015, by region (in trillion U.S. dollars) [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/788166/global-construction-market-value-by-region/
McKinsey & Company. "Market size of the construction sector worldwide in 2015, by region (in trillion U.S. dollars)." Chart. February 17, 2017. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/788166/global-construction-market-value-by-region/
McKinsey & Company. (2017). Market size of the construction sector worldwide in 2015, by region (in trillion U.S. dollars). Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/788166/global-construction-market-value-by-region/
McKinsey & Company. "Market Size of The Construction Sector Worldwide in 2015, by Region (in Trillion U.S. Dollars)." Statista, Statista Inc., 17 Feb 2017, https://www.statista.com/statistics/788166/global-construction-market-value-by-region/
McKinsey & Company, Market size of the construction sector worldwide in 2015, by region (in trillion U.S. dollars) Statista, https://www.statista.com/statistics/788166/global-construction-market-value-by-region/ (last visited August 25, 2024)
Market size of the construction sector worldwide in 2015, by region (in trillion U.S. dollars) [Graph], McKinsey & Company, February 17, 2017. [Online]. Available: https://www.statista.com/statistics/788166/global-construction-market-value-by-region/