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Freakonomics Radio
566. Why Is It So Hard (and Expensive) to Build Anything in America?
Nov 23, 2023
54:45
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This podcast explores the declining productivity in the US construction industry and its impact on prices. It discusses the causes of this decline, including regulation and lack of investment, and explores the potential benefits of using technology to improve efficiency. The podcast also examines Building Information Modeling (BIM) and its challenges, compares construction to manufacturing, and explores modular construction methods. It emphasizes the need to transform the industry through offsite construction methods and highlights the speed and efficiency of modular towers in Croydon. The episode ends with a preview of future innovations in construction.
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Quick takeaways
- Productivity in the US construction sector has been declining for over 50 years due to factors such as regulations, stagnant innovation, and inefficiencies, leading to increased prices for housing and infrastructure.
- Modular construction, where building components are manufactured in a factory and assembled on-site, has the potential to increase efficiency and reduce costs, but faces challenges including the dominance of small construction firms, lack of investment in research and development, and regulatory barriers.
Deep dives
The Decline of Productivity in the US Construction Sector
Productivity in the US construction sector has been declining for over 50 years, unlike most other industries. A report from the Johnson Administration in 1968 warned of the potential impact of this decline. A recent paper reveals that the value added by a construction worker today is about 40% less than in 1970. This drop in productivity leads to increased prices for housing, infrastructure, and other construction-related projects. While the causes of this decline are complex and debated, factors such as regulations, stagnant innovation, and inefficiencies contribute to the problem. Modular construction has emerged as a potential solution, with examples of successful projects in countries like Japan and Sweden.
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