Shaping the Future of Construction – A Breakthrough in Mindset and Technology

Shaping the Future of Construction – A Breakthrough in Mindset and Technology – Prepared in collaboration with The Boston Consulting Group

The Engineering & Construction (E&C) industry strongly affects the economy, the environment and society as a whole. It touches the daily lives of everyone, as quality of life is heavily influenced by the built environment surrounding people. The construction industry serves almost all other industries, as all economic value creation occurs within or by means of buildings or other “constructed assets”. As an industry, moreover, it accounts for 6% of global GDP. It is also the largest global consumer of raw materials, and constructed objects account for 25-40% of the world’s total carbon emissions.

Multiple global megatrends are shaping the future of construction. Consider just two developments: first, 30% of global greenhouse gas emissions are attributable to buildings (at the same time, the UK government has set a target for 2025 of 50% reduction in today’s level of greenhouse gas emissions in the country’s built environment); second, the population of the world’s urban areas is increasing by 200,000 people per day, all of whom need affordable housing as well as social, transportation and utility infrastructure. Such trends pose challenges but also offer opportunities; either way, they require an adequate response from the industry as a whole

This report begins with an assessment of the industry’s present state and the global trends that will impact on the industry. It then introduces a conceptual industry-transformation framework, listing a number of measures, grouped in eight topical areas, that would profoundly change the industry system. The measures are classified into three groups: measures taken by private companies on their own; measures taken by companies in collaboration with their peers – or by the industry as a whole; and measures taken by the government, acting both as the regulator and as a major project owner. For each of the topical areas, the report identifies current best practices, and provides illustrative case studies of innovative approaches, to prepare for the industry’s transformation. The eight topical areas are:

– Technology, materials and tools
– Processes and operations
– Strategy and business model innovation
– People, organization and culture
– Industry collaboration
– Joint industry marketing
– Regulation and policies
– Public procurement

Read full report here
http://www3.weforum.org/docs/WEF_Shaping_the_Future_of_Construction_full_report__.pdf

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