Modern Construction Economics

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 book will be of interest to built environment professionals and to students of the economics and management of the built environment. It shows the value of integrating ideas and data about the production of the built environment as an industrial process with theories and data about the demand for construction. The approach taken is institutional and post-Keynesian, and illuminates an important and distinctive sector of the economy, embracing design, construction and property industries. This book offers some new and important perspectives for research and teaching in construction economics and management.

This is a book about the whole diverse range of firms that are found in the construction sector, about their decision-making and the economic environments in which they operate. The authors aim to provide a new and coherent perspective on these firms and the choices they have to make - both for their managers and for all who have a stake in these firms and their industry. This book offers some new and important perspectives for research and teaching about construction firms.

Recent decades have seen a major social and economic changes across the developed world and consequent changes in the construction and property industries. The discipline of construction economics needs to respond to this. For instance, the importance of sustainable development has become recognised, as has the need to increasingly master the medium and long-term consequences of construction, not only in the production but also in the management of buildings across their whole life-cycle. And the new focus on the service rendered by buildings, as distinct from the buildings themselves, has prompted a new approach to the construction and property industries. Any economic analysis of these sectors has to take account of all the participants involved in the life-cycle of building structures – not only in the design and construction, but also in the operation, maintenance, refurbishment and demolition of property. This innovative new book draws on the work of the Task Group of the CIB (International Council for Research and Innovation) on Macroeconomics for Construction. It pulls together discussions of mesoeconomic and macroeconomic models and methodologies in construction economics and presents an exciting approach to the analysis of the operation and function of the construction and property sector within the economy. Graduate students and researchers will find it an invaluable work.

Modern construction economics has a wider focus than was previously the case, with stronger links to mainstream economics reflecting increasing interest in a range of theoretical issues. This book brings together the essential reviews of this trend and pushes towards the development of a comprehensive theoretical framework for construction economics.

The American construction industry directly employs over five million people and provides millions of additional support jobs in related fields. This text provides an introductory overview of the economic aspects of the industry and explores trends in labour force participation.

Lean Project Delivery and Integrated Practices in Modern Construction is the new and enhanced edition of the pioneering book Modern Construction by Lincoln H. Forbes and Syed M. Ahmed. This book provides a multi-faceted approach for applying lean methodologies to improve design and construction processes. Recognizing the wide diversity in the landscape of projects, and encompassing private and public sector activity, buildings and infrastructure, the book expands upon the detailed coverage of integrated project delivery and new lean tools and techniques to include: Greater emphasis on the importance of creating a lean culture and the initiatives required to transform the industry; Expanded discussions of the foundational writings in lean construction theory; Exploration of the synergies between "lean" and "green" initiatives; Specific procedures for modifying planning and scheduling activities to improve the performance of the project team; Expanded sections on quality, and topics that have become a part of the lean lexicon, such as Choosing by Advantages, "line of balance"/location-based scheduling, virtual design teams, takt time planning and set-based design; Discussion questions for beginners and advanced lean practitioners; and Improved cross-referencing within the text to help the reader navigate the frameworks, techniques and tools to support the application of lean principles. The techniques described here enhance the use of resources, reducing waste, minimizing delays, increasing quality and reducing overall costs. They enable practitioners to improve the quality of the built environment, secure higher levels of customer/owner satisfaction, and simultaneously improve their profitability. This book is essential reading for all those wanting to be at the forefront of construction management and lean thinking.

Construction Economics provides students with the principles underlying the relationship between economic theory and the construction industry. Its new approach specifically examines the problems of securing sustainable construction. The new edition has been fully revised to provide an overview of the economy and construction markets since the global financial crisis. As such it examines the challenges of changing government policy, adapting to climate change, adopting BIM, and reducing costs. A new introduction along with new readings, data, examples, glossary items, government strategies, and references, revises this established core text and brings it up to the historic EU referendum. As with previous editions, it retains a tried and tested format: a clear and user-friendly style use of a second colour for emphasis regular summaries of key points a glossary of construction economics extensive use of tables and figures extracts from Construction Management and Economics reviews of useful websites. This invaluable textbook is essential reading across a wide range of disciplines from construction management and civil engineering to architecture, property and surveying.