![]() This delay is not only costly but also impacts a construction firm’s ability to get awarded more projects because they: It still takes weeks or months to get the final price estimates for a single project, which translates to roughly $66,000 in annual spending per contractor just for the preconstruction process alone. Having been slow to adopt new technologies, one aspect of the construction process remains among the most laborious - construction cost estimation. In contrast, labor productivity rose in 47 of 86 manufacturing industries in 2021 with the railroad rolling stock industry having the largest productivity gain of 20.6 percent. Hence, its total economic output per worker or productivity remains flat. The global construction market is expected to reach more than $22 billion in 2026 at a compound annual growth rate of 10.8%.ĭespite its continuous growth, the construction industry is still slow to adopt new technologies and remains one of the least digitalized fields. The construction industry continues to grow and remains a major sector of the world economy. ![]() How AI Estimating Software Increases Profitability Of Construction Firms With Faster Takeoffs ![]()
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