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What happened to construction productivity? Part 1: Measurement - by Noah Smith - Noahpinion

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How do we know what's actually happening to construction productivity?

America is finally, FINALLY beginning to wake up to the problem of its ruinous construction costs. The next step is figuring out why those costs are high, so that eventually we can bring them down, thus ushering in a paradise of cheap housing and transportation. The flip side of high construction costs is low construction productivity — meaning the amount of built stuff we get for a certain number of person-hours of construction work. Various measures show an alarming long-term decline. For example, here’s real gross output per hour worked: Jesse Livermore@Jesse_Livermore Productivity:…

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