Goldman Sachs Report Reveals Longstanding Stagnation in US Construction Productivity Since 1965
Goldman Sachs • FEBRUARY 12, 2026
A new report from Goldman Sachs reveals a troubling trend in U.S. construction productivity, which has stagnated since 1965, averaging a decline of 0.6% annually. Economist Elsie Peng attributes this lack of growth to factors including outdated technology, increasing housing regulations, and potential mismeasurements in output, painting a stark picture of an industry struggling to innovate while the economy evolves around it.



