Impact Of The Construction Industry On The Economy Essay

Review the Plagiarism and Academic Integrity website a http;/www.lc.unsw.edu.au/plagiarism/pintro.html to ensure they are familiar with the requirements to provide appropriate acknowledgement of source materials; and

Determination of future requirements by using forecasting for particular industries within the given area is a prerequisite for making informed decision about whether to approve an industry expansion or to allocate resources elsewhere. Using this information, in order to decide whether to approve or withhold the approval for new construction sector business proposals, while conducting the forecasting of the construction sector growth trends by using the data from the past five years, 2010-2014. The decision regarding the approval of potential future new business proposals will be made on the foundation of the results of forecasting model completed. The following

The identification of the probabilities and possibilities of new entrants is important because of intrusion risks made by them on profitability of existing company’s market share. The construction industry of UK has been affected by the differentiation of products, switching of costs, scale economies and government policies. The skill network report of 2006 to 2010 for construction companies in UK has stated that the output of the construction companies in UK is about 3 percent per year. There are about 2.5 million employees who are expected to join construction companies (www.constructionskills.net).

1. Name and briefly describe each of the two basic types of competitively bid construction contracts. Which type would be most likely used for building the piers to support a large suspension bridge. Why?

Downfall within the construction sector is detrimental to the UK economy, due to it being one of the largest industries in the UK. “This can be illustrated by the accounting of approximately £110 billion per annum of construction output and 7% of GDP”. (Designingbuildings, 2016). This results in a knock on effect on the housing sector because it is a large part of the construction sector.

One of the most significant finical investments by a consumer is building or a renovation on a project. In 2010, the building industry had a considerable downfall. Thus many investors withdrew from the industry and this created difficult conditions in the economy. There was an upsurge of builders who went into liquidation and consumer claims. Therefore it was unprofitable and a loss for investors.

Given the forecasts for construction output in 2009, it could be assumed that jobs in the public sector may offer more security than those in the private sector. This reinforces the need for Government to establish how an accelerated public spending package will be

Over the past few years, the construction industry has been changing dramatically. One of the most important stages in the construction management and business management is the planning phase. They share similar two main levels of planning which are the strategic and operational planning. However, business management planning to decide in advance what should be done, and how to do it, when you do and you are done. On the other hand, Construction management strategic planning is to deal with selection on a high level of overall objective of the project, including the scope, procurement methods, schedules and financing options but the planning of operations, including the

In construction projects, mostly the firms (in this case the firms become client) do not have the skills or develop skills inside the firms to undertake the projects due to amount of the projects should be conducted or the complexity of the projects (Reve and Levitt, 1984). Therefore, the economic decision to conduct the projects is to procure them to third parties. However, more commonly the client agonize the final quality of the projects will meet standard requirements. Thus, impacts to involvement of complex contracts of construction procurement.

To incoming students in the construction management discipline., the three types of research that will be described in this paper are scholarly journals, trade journals and popular magazines, these will also be accompanied with examples of a research topics. Students can use these researching strategies for the following: essays, lab reports, reviews, and annotations. Knowledge of these resources will ensure success in the program.

The construction industry has been around since the beginning of civilization and since that time people have continually tried to find better ways to build. The speed with which the construction industry moves is unlike any other. Things are done very differently than they were 20 years ago, and things will likely be done in a new way 10 years from now. The vast history and seemingly exponential growth of the industry means people must find innovative ways to gain an advantage. Drone technology has expanded in recent years from military innovations to civilian applications, and while it may not appear personal drones provide much benefit to the construction industry, their limitless applications yield innumerous opportunities on a jobsite. This paper explores some of the many uses a drone can have to advance the construction industry, as well as the liabilities which also come with this new technology. This paper will focus on the areas of efficiency, safety and security; how drone uses can make jobsites run smoother and safer, while also recognizing how drones will add the long list of concerns contractors face on a daily basis.

The construction industry like many other industries has changed and evolved with time. It is the fourth largest contributor to Australia’s GDP and has played a major role in determining economic growth of the country. In terms of employment, the industry has employed 9% of the Australian workforce making it the fourth largest industry (ABS data).

The BIM introduction into the New Zealand’s construction industry has been discovered as the step to improve productivity and to improve efficiency. This paper seeks to the application of BIM to the New Zealand construction industry successfully and to the proper analyzing of the growth of BIM in New Zealand. Also this report elaborates the opportunity of BIM in New Zealand’s construction industry as well as compared with the other major countries using BIM. Furthermore, in this literature, the future expectation of BIM in New Zealand is discussed.

The fall in construction output since 2008 has generally increased levels of competition and the ‘buying’ of turnover through the submission of low bids. This is especially relevant in capital intensive and high overhead businesses. These price pressures have flowed back up the supply chain, where price reviews have often been worse than the capacity to reduce cost from operations. In fact, there has been inflation exceeding cost increases in areas such as energy, which is a key cost line of some construction products manufacturers. Over the past five years (2007 to 2012) average industrial electricity prices have risen by 35 per cent (19 per cent in real terms), with an increase of 6 per cent (4 per cent in real

The construction industry much like other industries is dependant with the distribution of “scarce resources” (Drake,1994). Many of its resources known as the factors or production i.e. labour, capital, land etc. are limited (Gregory-Mankiw, 2008), however, wants and desires within the industry are infinite (Myers, 2013). Kishtainy notes that this creates two problems; at any given time, there will be a fixed number of resource, against numerous wants. Sloman 2003 adds that in an effort to rectify this, he argues that we must make choices, in terms of choices within the construction industry Myers suggested that firms need to considered their investments made, how they construct and for whom they construct for.