‘Constructiontech’ startups could boost economy by $25 billion a year in next decade: “There is a huge opportunity here”

Startups working in the ‘constructiontech’ industry have raised $98 million from investors in the last year and hold the potential to add $25 billion year-on-year value to the Australian economy within the next decade, a recent report has found.

The Digital Foundations report was delivered by StartupAUS in partnership with the Victorian Government and industry players Lendlease, construction startup Aconexand Ersnt & Young. It found ‘constructiontech’ companies will be a key driver of change in Australia’s $134 billion construction industry.

Constructiontech startups are defined in the report as those creating digital and technological solutions for the planning, design and building processes of the construction industry, explains Alex Gruszka, one of the authors of the report and chief operations officer of StartupAUS.

The report finds emerging trends and technologies in the space included building information modelling (BIM), 3D printing, smart buildings and even robotic bricklaying.

Using these types of tech solutions to equip the traditional construction sector could potentially add $25 billion in value to Australia’s economy year-on-year within the next decade, according to the report, which also found the construction industry will add a further 100,000 jobs for Australians within the next five years. Read more

Angela Castles – Smart Company – 26 Oct 2017