The construction industry is a sector of the economy that involves the building and creation of infrastructure, including buildings, roads, bridges, and more. There is a widespread recognition that this industry is in need of innovation in order to improve efficiency, reduce costs, and address challenges such as labor shortages and environmental sustainability. There is solid evidence to support this assertion, including data on the slow pace of technological advancement in the construction industry compared to other sectors, as well as numerous studies and reports highlighting the need for innovation in various aspects of construction. Some examples of areas where innovation is particularly needed include project delivery methods, materials and technologies, and construction processes and techniques.
It's clear that the construction industry is lagging behind in terms of innovation due to investing in the wrong technology. There is evidence to support this claim. The innovation index produced by the Productivity Commission shows that from 2010 to 2020, construction has fallen from near the bottom to last place in terms of innovation. It has even been overtaken by industries such as transport and logistics and forestry. These findings demonstrate that there is a clear need for innovation in the construction industry.
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