Get the latest insights, events and more:Welcome to the June issue of Voices on Infrastructure, a collection of insights on improving the odds of success for major projects.
Major projects—those defined as having a value of more than $1 billion—account for an increasing share of global construction spending. In 2014, major projects accounted for 21 percent of global construction spending, up from just 4 percent in 2005. However, major projects are especially challenging. They are multilayered, nonlinear, frequently in remote locations, and often highly regulated. As a result of these conditions, their productivity tends to suffer.
This issue of Voices explores how to buck this trend. We look across sectors at the key enablers of success for major projects and ask big questions: As major infrastructure needs continue shifting to developed markets, how can we connect these projects to much-needed private sector financing? What is the role of government in supporting and scaling notable major project outcomes?
We hear from CEOs on the bets they’re placing for long-term success, such as pursuing new commercial strategies, prioritizing culture and talent development, and investing in digital innovation.
In addition, we explore critical levers for improving project delivery. As major projects continue to grow in number, size, and complexity, owners and contractors who wish to see long-term success must embrace more collaborative contractual structures, apply digital tools throughout the process, and define clear road maps for recovering distressed projects.
We hope the insights collected here help spur new ideas about major project innovation and scale best practices in your own organizations and geographies.
Michael Della Rocca
Partner,
McKinsey & Company
Stefano Napoletano
Partner,
McKinsey & Company
