New analysis from Goldman Sachs Group Inc. finds that the pandemic has enhanced productivity levels thanks to the adoption of workplace digitization.
Since the beginning of the health crisis, annual growth output per hour grew by 3.1%, compared to the 1.4% from the previous business cycle. This growth was most notable in industries that were able to utilize virtual meetings, such as IT, professional services and wholesale retail.
“Stronger productivity growth has been one of the silver linings of the pandemic,” said Goldman economists.
Working from home was viewed as one factor where growth was most obvious due to the time saved during commutes. Still, those gains were mostly seen across highly educated, well-paid jobs that were able to be done remotely, rather than lower-paying jobs that required onsite workers such as food industry positions.
“If gains from workplace digitization are indeed sustainable, the reopening of corporate office buildings and the face-to-face economy sho