Investors are pumping in billions of dollars into the construction technology sector, according to a report in the Wall Street Journal. According to the report, research company CREtech found that venture capital investment in private construction technology firms increased from $352 million in 2016 to more than $6 billion in 2018. At the end of June, 2019 investments totaled more than $4 billion, signaling that capital investments into the sector this year could exceed those made in 2018.
Startups are poised to bring to market new technologies and techniques to raise construction efficiency. The products could help tame rising construction costs and address a persistent shortage of qualified trade workers.
Investors who make the right bets could reap big payoff in an industry that experts say is seems ready for automation.
PB Topical Ref
