Trades seem to have high barriers to entry and have stringent unproductive working rules. I’m not really sure, but does to make sense that construction prices have risen so much so fast without even considering the cost of materials? The public sector is much worse, of course, where a short jaunt tram at LAX costs more than a 75 mile HSR run in China. We obviously aren’t competitive in building things anymore.
Somewhat related, but I know construction is the one of the only industries that has gotten less productive in the past 100 years. You'd think more machinery and such would make it more productive, but no.
I think part of that is safety and labor cost, but I think another part is that construction is contracted almost always.
Go to Miami, Florida, and see how virtually all public projects magically go to Cuban-American-owned companies — even huge multinationals with far greater skill, capacity, and efficiencies can't seem to land the good work.