Growth, productivity and structural change: economic arguments for investment in construction innovation

Gerard de Valence

Chapter 2 in Research Companion to Innovation in Construction, 2025, pp 18-46 from Edward Elgar Publishing

Abstract: The chapter begins with a discussion of innovation as an investment that requires a commitment of resources. The following section is an overview of innovation as an investment that is neither riskless nor costless, but driven by competition and major new technologies. Section 3 looks at innovation in construction products, which is typically incremental over long periods of time, with the development of concrete over more than 100 years given as an example, and many innovations are hidden. Section 4 focuses on the dynamics of innovation, diffusion and productivity. Section 5 looks at innovation and procurement. Section 6 discusses funding for R&D from private equity and venture capital funds. Section 7 focuses on the role of government, building standards and decarbonisation, and BIM mandates. Section 8 discusses Construction 4.0 technologies and the organisation of construction. There is a short conclusion.

Keywords: Innovation; R&D Intensity; Diffusion; Productivity; Structural Change (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035326587
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