Economics of Construction

The construction industry is one of the world's biggest industries, contributing around 10% of world GDP, employing 7% of the global workforce, and consuming around 20% of the world's energy. It is highly fragmented with low profit margins and a high risk of failure. Stephen Gruneberg and Noble Francis present an up-to-date analysis of how construction markets operate, how firms collaborate on projects, and how their business models work. They explore the many distinctive features of the economics of the industry, such as the use of cost-reduction rather than profit-maximizing behavior, the processes of tendering and procurement, and the often cyclical nature of demand. The book offers authoritative analysis and expert insight into the economics of a much misunderstood industry and is suitable for courses in business schools and departments of architecture and the built environment.

Format: Paperback / softback
Length: 208 pages
Publication date: 21 December 2020
Publisher: Agenda Publishing

The construction industry is one of the world's largest and most complex sectors, contributing significantly to global GDP, employment, and energy consumption. It encompasses the development of housing, commercial properties, and infrastructure projects such as roads, bridges, tunnels, railways, airports, and more. With a workforce of around 7% and a substantial energy footprint, the construction industry is characterized by its fragmentation, low profit margins, and high risk of failure.

In their book "Construction Economics: An Up-to-Date Analysis," Stephen Gruneberg and Noble Francis provide an insightful examination of the construction market's operations, collaboration, and business models. They explore the unique characteristics of the industry, including cost-reduction strategies, tendering and procurement processes, and the cyclical nature of demand. The authors also address the challenges faced by the industry, such as frequent disputes between firms and low productivity.

The book offers authoritative analysis and expert insight into the economics of the construction industry, making it an invaluable resource for students and professionals in business schools, architecture departments, and the built environment. It sheds light on the complex dynamics that shape this industry and provides valuable insights into the strategies and challenges involved in its development and management.

Weight: 288g
Dimension: 150 x 211 x 15 (mm)
ISBN-13: 9781788210157