Improving labor productivity is the key to the high-quality development of the construction industry. The VAR （vector auto-regression）model is established using Eviews 10.0 to study the impact of the proportion of real estate development investment in fixed asset investment and the proportion of manufacturing investment in fixed asset investment on labor productivity in the construction industry. According to the empirical results, the proportion of real estate development investment and manufacturing investment in fixed asset investment will promote the improvement of labor productivity in the construction industry, but the proportion of manufacturing investment has a greater impact, and suggestions are put forward for the future development of the construction industry.