The emphasis on data in construction isn’t new, but the depth of related financial losses is a reminder of how important carefully gathering and crunching the numbers is for the industry. In 2020, construction generated $84.5 trillion and represented 13% of the global GDP, according to the study. For a contractor that generates $1 billion in revenue, the losses resulting from bad data could be as high as $165 million, including up to $7.1 million in avoidable rework.
