The complicated business of the construction industry is awash in huge new challenges and opportunities. Unlike manufacturing, which primarily involves mass production, in construction, every project presents its own unique challenges. If not for the construction industry, factories, homes, offices, oil refineries, hospitals, power plants, shops, tunnels, and more wouldn’t exist.
The size of the industry is big and getting bigger. The global industry reached $7.4 trillion in 2010, stepped up to $8.5 trillion in 2015, and is projected to reach $10.3 trillion in 2020. As the world emerged from the 2007-2008 financial crisis, the construction industry found itself in a slump from which it has fully recovered. The industry has benefited from huge investments in infrastructure and buildings taking place in the Middle East: what are, Saudi Arabia, the UAE, as well as the robust but slowing growth in China and the Asia-Pacific region in general. In fact, the Asia-Pacific global share of the construction industry will reach 49% by 2020.
The global construction industry used to find itself between a rock and a hard place, but now it’s got the best of both worlds as prices will continue to grow while the cost of many inputs are in decline. Also, there are a large number of forces underlying this trend: increasing demand for green and sustainable buildings and rapidly aging infrastructure around the world, including in the United States.
The following video explains four major trends in the construction industry:
The following is a compendium of key concepts and terms related to the construction industry that have been covered on IndustryTap or will be in the future:
- CONSTRUCTION INDUSTRY
- CONSTRUCTION WORKERS
- CONSTRUCTION SITES
- CONSTRUCTION PROJECTS
- CONSTRUCTION WORKS
- CONSTRUCTION PROFESSIONALS
- CONSTRUCTION MARKETS
- COMMERCIAL CONSTRUCTION
- RESIDENTIAL CONSTRUCTION
- CONSTRUCTION TRAINING
- CONSTRUCTION STARTS
- CONSTRUCTION MATERIALS
- CONSTRUCTION MANAGERS
- CONSTRUCTION JOBS
- CONSTRUCTION BUSINESS
- WORK FORCE
- ENGINEERING AND CONSTRUCTION
- WORK SITES
- WORK ACTIVITIES
- UNEMPLOYED CONSTRUCTION
- Construction Industry Accounting Software
- Safety Training
- OSHA Certification
- Construction Industry Forecast 2016
- OSHA Construction
- News in Construction Industry
- US Construction Industry News
- Construction Industry Information
