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construction industry is “a sector of the economy which, through planning, design, construction, maintenance and repair, and operation, transforms various resources into constructed facilities” (Moavenzadeh, 1978, p. 98).
9 Ιαν 2019 · At one extreme, construction is referred to as an economic activity that involves the entire construction process from producing raw and manufactured building materials and components, and providing professional services such as design and project management, to executing the physical work on site. Download chapter PDF.
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
This book deals with the economics of construction at three levels: the industry, the firm and the project. It is intended for a broad range of undergraduate students of the built environment - architect, surveyor, engineer.
In the chapter on ‘The nature of construction economics’, De Valence suggests that it is chal-lenging to define construction economics because of the range of topics associated with the production and maintenance of the built environment, the economic role of the construction
9 Ιαν 2019 · The Economy and the Construction Industry. Generally, there are three levels to define construction within the literature (Dang and Low in Infrastructure Investments in Developing Economies. Springer, 2015).
Construction plays a unique role in economic growth and is often a key barometer of economic conditions. Construction increases a country’s physical infrastructure (including housing stocks) which is a critical factor for long-term growth. The performance of the construction sector both affects and is influenced by general economic conditions.
