Answer: Unfortunately, the only way for this to repair is to wait until the tree is able to heal itself naturally. You may trim off the strip of bark neatly, but that is really all you can do. Recent research has shown that the wound paint is not helpful in most circumstances. In the coming year, make sure that the tree receives extra water if there is a drought, and consider fertilizing it in early spring to help it maintain vigor.
I should probably also note that construction damage can occur underground as well as above ground. Construction often kills trees indirectly by changing drainage, wind and light patterns, and also by running over and compacting the soil around tree roots. Tree roots can extend far beyond the "drip line" of a tree, so damage and environmental changes can be extensive even while the tree you see above ground has not been touched.
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