Yes, basically accurate if you produce the same amount in less time...that is productivity growth.
But: it isn't sustained productivity growth (it is one-time), there will be losses elsewhere in the economy (won't someone think of the landlords!), and most people aren't going to swap their commute time for more actual production (which is perfectly fine, the purpose of life isn't work...but the point is there will be no output growth, inputs are changing but output isn't).
But: it isn't sustained productivity growth (it is one-time), there will be losses elsewhere in the economy (won't someone think of the landlords!), and most people aren't going to swap their commute time for more actual production (which is perfectly fine, the purpose of life isn't work...but the point is there will be no output growth, inputs are changing but output isn't).