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9 Ιαν 2019 · In this view, construction is an economic activity that crosses over all three economic sectors: primary sector that involves the extraction of natural resources; secondary sector that involves the manufacture of building materials and components, and the transformation of these materials into finished buildings; and tertiary sector that involve...
Construction, which encompasses real estate, infrastructure, and industrial structures, is the largest industry in the global economy, accounting for 13 percent of the world’s GDP. A closer look at its underlying performance highlights the industry’s challenges in good economic times, let alone in times of crisis. We
1 Ιαν 2011 · This paper reviews the studies completed in the past four decades which examined the role of the construction industry in economic development. Findings from these studies demonstrated the significant relationship between the construction industry and economic growth in developing countries.
At one extreme, construction is referred to as an economic activity that involves the entire construction process from producing raw and manufactured build-ing materials and components, and providing professional services such as design and project management, to executing the physical work on site.
29 broad construction sector has a vital role in the European Union (EU) 30 economy, representing approximately 9% of GDP, 18 million direct jobs and 3 31 million enterprises.1 32 The construction industry is also an essential component of national output 33 in Portugal. This sector provides private and public infrastructures with the
24 Αυγ 2023 · Summary. The basic underpinnings of economic theory are essential to understand how the construction sector works. However, although concepts such as demand and supply, which are a key part of standard economic theory, are necessary in order to view the construction sector, they are not sufficient on their own given the complexity of the industry.
15 Μαρ 2022 · However, Construction Economics is not an established scientific discipline. What is Construction Economics? How has it developed? What are its principles, theories, concepts and techniques? What is its status; and what is its future? These key points on Construction Economics are discussed in this chapter.
