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Construction Labor Productivity: The $20 Billion Opportunity

RALEIGH, N.C., Sept. 28, 2023 — (PRNewswire) — FMI Corporation, a leading provider of consulting and investment banking services to the built environment, released the 2023 Labor Productivity Study today. The study explores current trends, challenges, management best practices and innovations for optimizing labor productivity.

Almost half of respondents (45%) saw declining labor productivity.

Key findings of the study include:

Many of the top internal challenges are within contractors' control and while the external challenges can feel daunting, better communication with partners can also help.

"Labor productivity is the economic engine of labor-intensive, self-performing contractors," said Tyler Paré, head of FMI Consulting's performance and operations practice. "Labor is also the largest, riskiest, yet most controllable variable cost. Managed well, labor productivity can significantly improve bottom-line margins. Managed poorly, labor overruns, or exceeding labor budgets, can wipe out contractor profitability."

Download the full 2023 FMI Labor Productivity Study here.

About FMI
FMI is a leading provider of consulting and investment banking services to the built environment. We provide services in the areas of strategy, leadership and organizational development, operational performance, mergers and acquisitions, financial advisory and private equity financing.

Contact: Katie DeRee
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SOURCE FMI Corporation

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Company Name: FMI Corporation