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In 2009, according to the World Bank, 30% of Armenia's economy was from construction sector. [37] In Vietnam, the construction industry plays an important role in the national economy. [38] [39] [40] The Vietnamese construction industry has been one of the fastest growing in the Asia-Pacific region in recent years.
The application of this specialized civil engineering knowledge can be in the form of engineering analyses of life-cycle cost, cost accounting, cost of capital and the economic feasibility of engineering solutions for design, construction and project management. [4]
Traditionally, construction has made use of manual labor such as tradesmen and subcontractors for tasks such as the installation of prefabricated elements. [6] In the industrialization phase, construction uses manufacturing processes and technology to perform off-site prefabrication, assembling building components off-site rather than at the point of installation.
The construction industry of India is an important indicator of the development as it creates investment opportunities across various related sectors. With a share of around 8.2%, the construction industry has contributed an estimated ₹670,778 crores (US$ 131 billion) [1] to the national GDP at factor cost in 2011–12. [2]
Sustainable construction aims to reduce the negative health and environmental impacts caused by the construction process and by the operation and use of buildings and the built environment. [1] It can be seen as the construction industry's contribution to more sustainable development. Precise definitions vary from place to place, and are ...
Economists may regard the manufacture of vehicles as a foundational industry and as a bellwether industry. [1] In macroeconomics, an industry is a branch of an economy that produces a closely related set of raw materials, goods, or services. [2] For example, one might refer to the wood industry or to the insurance industry.
The shares from the construction industry alone were 6% and 11% respectively. Energy consumption during building material production is a dominant contributor to the construction industry's overall share, predominantly due to the use of electricity during production.
HS2 construction near Leamington Spa in August 2021. Productivity in construction remains below the UK average and has changed little in the past 50 years. [6] As a result, the UK government has repeatedly tried to improve the sector's efficiency, publishing (among others) the Latham Report in 1994, the Egan Report in 1998 and the Farmer Review in 2016; in 2013 it launched the Construction ...