Economic Consequences of Adoption of Building Information Modeling

Abstract

The rapid development, proliferation, and spread of new information and communication technologies (ICTs) are constantly changing the economy, particularly in the field of Urban Development. The key technology for industry transformation is Building Information Modeling (BIM), which is designed to integrate the industry into a single information domain through the conceptual design, construction, management, and demolition stages of the building lifecycle. The article discusses the impact of IT technology integration from the perspective of macro and microeconomics, using R․ Solow and the Multifactor Productivity models. It concludes that the increase in the productivity of the Industry expected from the integration of new technologies implies additional investments for the standardization, amendment of the normative base, and universalization for having sufficient gross impact.