Construction Economics

The construction of housing, commercial property, and infrastructure projects--roads, bridges, tunnels, railways, airports--for both the private and public sectors is one of the biggest industries in the world. It contributes around 10 per cent of world GDP, employs 7 per cent of the global workforce, and consumes around 20 per cent of the world's energy (and generates a third of the world's CO2 emissions). So important is the contruction industry that it is widely seen as the best indicator of a national economy's health. Stephen Gruneberg and Noble Francis, two of the UK's leading construction economists, present an up-to-date analysis of the construction industry's business model and the risks and challenges the industry faces in the twenty-first century. The book explores the many distinctive features of the economics of the industry, such as how firms use cost-reduction rather than profit maximizing behavior, the processes of tendering and procurement, and the often cyclical nature of demand. Some of the issues touched on include the nature of the government-client relationship, the difference between commissioned and speculative construction development, operating as well as building infrastructure, the advantages of off-site construction, the demand for green and sustainable construction, and the competition from government-backed Chinese companies in major infrastructure projects. As well as examining industry-wide issues, the book looks at how individual projects are costed. These can range from the construction of Dubai's Yas Island or Heathrow's third runway, to the construction of a local hospital, or a residential housing estate. Finance, cash flow, cost overruns, and labor relations are all shown to be fundamental to completing a project on time and within budget, regardless of size. The book offers authoritative analysis and expert insight to provide a survey suitable for students in both business schools and departments of architecture and the built environment.

Students across a wide range of disciplines, ranging from construction management and construction engineering through to architecture, property and surveying should find this an invaluable textbook.

Traditional building economics has primarily been concerned with issues around project appraisal and cost management techniques. On the other hand, modern construction economics has a wider focus with stronger links to mainstream economics, reflecting an increased interest in a range of theoretical issues in construction economics, both at the macro and micro level. In Modern Construction Economics: Theory and Application, a variety of approaches are used to present a coherent vision of synthesis between industry economics and project economics. Topics covered include: developing construction economics as idustry economics competition and barriers to entry in construction innovation in construction theory testing in construction management research collusion and corruption in the construction sector. Including contributions from academics in the UK, Sweden, Hong Kong, and Australia, this is a truly global review of a core issue for the construction industry worldwide. The result is a unique book that will push toward the development of a comprehensive theoretical framework of construction economics. This is a must-read for all serious students of construction economics, and all practitioners looking for a deeper understanding of their industry.

This is the first comprehensive investigation of the industrial sourcing and procurement practices throughout sixty-eight construction industry supply channels across seven major commodity sectors at all levels. London presents real-world case studies to combine theory and practice to describe the economic structural and behavioural characteristics of sectors integral to the construction industry performance. Construction Supply Chain Economics details 'everyday' experiences and procurement decisions made by people in firms in the industry related to projects as they seek out other firms to work with during the tendering stage. London creates a language that enables us to classify and understand behaviour and recognise the impact of our decisions on firms and projects within the industry. Construction Supply Chain Economics introduces a new model for mapping the construction sector of particular interest to construction management and economic researchers and to procurement decision makers, including policymakers and clients, as well as industry practitioners, such as contractors, consultants and materials suppliers.

Students across a wide range of disciplines, ranging from construction management and construction engineering through to architecture, property and surveying should find this an invaluable textbook.

The American construction industry, reponsible for nearly 4% of the nation's Gross Domestic Product, directly employs over five million people and provides millions of additional support jobs in related fields. This book provides an introductory overview of the economic aspects of the industry, including the historical development of building activity from earliest times to modern day market-based construction, including the work of individual artisans to complex construction unions. The book explores current trends in labor force participation; the measurement of industry performance; the determinants of investment; government involvement; competition; wage determination; training; and worker safety.

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. It is divided into three parts: the first deals with the construction industry, its economic development, structure and role in the economy. Construction is seen as a production process. Part 2 covers the practical management of firms and examines costs, revenues and markets from the point of view of economists and managers. Part 3 deals with strategic decision making involved in property development and project appraisal and looks at feasibility studies. It links the economics of the production process of construction to the economics of its output, namely the buildings and structures of the built environment.