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The construction industry is vital to our economy, contributing significantly to its growth and development. From creating employment opportunities to driving innovation, this industry has a far-reaching impact on various sectors of the economy.
Construction is a driving force behind the U.S. economy, contributing 4% to the GDP. As a leading indicator, the construction industry can offer valuable insights into the economic landscape,...
construction will change, how much value is at risk for incumbents, and how companies can move fast to adapt to and, in fact, create a new industry structure. We relied on top-down reviews of industry dynamics, bottom-up analysis of company data, and executive surveys to offer an unprecedented look at the entire value chain.
Market dynamics: Changing economic conditions will likely be critical in shaping the construction industry in 2025. Lower interest rates and falling inflation may reduce project financing costs.
Construction (residential + nonresidential) employed 7.9 million workers in July 2023, an increase of 198,000 (2.5%) from July 2022 and an increase of 4.8% from February 2020, the peak pre-pandemic month.
We recognise that the construction industry plays a unique role in economic growth and has a huge impact on both the economy and society. In 2018 the industry contributed £117 billion to the UK economy (6% of UK GDP) and influenced employment, productivity and business growth.
Building construction, often referred to simply as construction, encompasses the process of creating structures meant to be used and inhabited by people. It involves designing, planning, procurement of materials and execution of the project to bring a vision to life.
On top of fulfilling critical economic and societal needs for offices, housing, hospitals, and infrastructure, the industry can help meet net-zero goals by 2050 by developing and executing the needed projects, including renewables, low-carbon activities, infrastructure, building insulation, and more.
The lagging performance of the construction industry is a direct result of the fundamental rules and characteristics of the construction market and the industry dynamics that occur in response to them. Cyclical demand leads to low capital investment, and bespoke requirements limit standardization.
The construction industry is known to be labour intensive with poor working conditions in most cases; however, the industry can contribute to good health and well-being (SDG 3) by promoting a good work–life balance through job share and flexible working arrangements.