The construction industry is a microcosm of the economy as a whole, and as such the economics of the sector contains many of the aspects of the economy in general, albeit with fascinating and unique features. What are the implications of economic theory for the future of UK construction? How does the industry ensure innovation, quality and efficiency? What priorities might best serve the construction industry, those working in it and their customers? In seeking answers to these and other questions, the UK government has commissioned a number of reports on the construction industry including the Latham and Egan reports and more recently Construction 2025. These have invariably proposed time and cost targets for the construction industry. In this new book, Stephen Gruneberg stands in stark contrast to those reports and presents the relevant theoretical aspects of construction economics to account for the behaviour of construction firms and suggest a strategy for future growth and sustainability. He discusses the theory and data relating to the output of firms in relation to the type of firm, the market and how these firms behave as a result. The purpose of this book is to advocate the measures needed to create the kind of industry that must be fostered to ensure the quality of its output, sustainability and the fair terms and conditions of employment for its workforce. Gruneberg's new book is essential reading for anyone wishing to understand the economic forces that determine industry outcomes and who has a stake in the success of the UK construction sector.

Global construction data is vital for contractors, governments, international organisations, policy makers, academic researchers and statisticians. As the global population of the world expands, the sustainability of the built environment raises the political agenda and the need to manage infrastructure and buildings in both urban and rural contexts becomes ever more pressing. How much more can the built environment grow and how can it be managed sustainably? This edited volume addresses how we can find a possible way through the inconsistencies between national construction data sets to devise a consistent approach to national construction data to further the global sustainability agenda and inform policy making. This search begins in Part I, which looks at the methods and definitions used in construction statistics in different countries. Part II considers examples of different types of construction data from the cost of materials, measuring work on high rise buildings and existing stock. In Part III, the authors consider construction data internationally, beginning with the problem of comparing data in different countries using exchange rates and purchasing power parities (PPPs), comparing innovation processes in different countries and looking at the provision of building design internationally. In Part IV, the international theme is continued by comparing accounting practices and company performance in different countries and concludes with an international comparison of construction industries. This book raises awareness of the significance of the construction industry globally and the importance of data to measure it. It informs the discussion of the best ways of handling the consequences of policies affecting the built environment and the effect of the built environment on the rest of the economy and society. It is essential reading for international economists, construction industry consultants, policy makers, construction statisticians and academics.

Global construction data is vital for contractors, governments, international organisations, policy makers, academic researchers and statisticians. As the global population of the world expands, the sustainability of the built environment raises the political agenda and the need to manage infrastructure and buildings in both urban and rural contexts becomes ever more pressing. How much more can the built environment grow and how can it be managed sustainably? This edited volume addresses how we can find a possible way through the inconsistencies between national construction data sets to devise a consistent approach to national construction data to further the global sustainability agenda and inform policy making. This search begins in Part I, which looks at the methods and definitions used in construction statistics in different countries. Part II considers examples of different types of construction data from the cost of materials, measuring work on high rise buildings and existing stock. In Part III, the authors consider construction data internationally, beginning with the problem of comparing data in different countries using exchange rates and purchasing power parities (PPPs), comparing innovation processes in different countries and looking at the provision of building design internationally. In Part IV, the international theme is continued by comparing accounting practices and company performance in different countries and concludes with an international comparison of construction industries. This book raises awareness of the significance of the construction industry globally and the importance of data to measure it. It informs the discussion of the best ways of handling the consequences of policies affecting the built environment and the effect of the built environment on the rest of the economy and society. It is essential reading for international economists, construction industry consultants, policy makers, construction statisticians and academics.

The construction industry is a microcosm of the economy as a whole, and as such the economics of the sector contains many of the aspects of the economy in general, albeit with fascinating and unique features. What are the implications of economic theory for the future of UK construction? How does the industry ensure innovation, quality and efficiency? What priorities might best serve the construction industry, those working in it and their customers? In seeking answers to these and other questions, the UK government has commissioned a number of reports on the construction industry including the Latham and Egan reports and more recently Construction 2025. These have invariably proposed time and cost targets for the construction industry. In this new book, Stephen Gruneberg stands in stark contrast to those reports and presents the relevant theoretical aspects of construction economics to account for the behaviour of construction firms and suggest a strategy for future growth and sustainability. He discusses the theory and data relating to the output of firms in relation to the type of firm, the market and how these firms behave as a result. The purpose of this book is to advocate the measures needed to create the kind of industry that must be fostered to ensure the quality of its output, sustainability and the fair terms and conditions of employment for its workforce. Gruneberg's new book is essential reading for anyone wishing to understand the economic forces that determine industry outcomes and who has a stake in the success of the UK construction sector.

The construction of housing, commercial property and infrastructure projects - roads, bridges, tunnels, railways, airports - for both the private and public sectors is one of the biggest industries in the world. It contributes around 10 per cent of world GDP, employs 7 per cent of the global workforce, and consumes around 20 per cent of the world's energy. It is also a highly fragmented industry with very low profit margins and a high risk of failure for the many firms operating in its complex supply chain. 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 behaviour, the processes of tendering and procurement, and the often cyclical nature of demand. Particular challenges for the industry, such as the frequency of disputes between firms and the low productivity of the sector, are shown to be the outcomes of a business model that tends to focus on the volatility of demand and managing risk at the expense of improving efficiency. As well as discussing industry-wide issues, the authors also examine how individual projects are costed. The book offers authoritative analysis and expert insight into the economics of a much misunderstood industry and is suitable for a range of courses in business schools and departments of architecture and the built environment.

The construction of housing, commercial property and infrastructure projects - roads, bridges, tunnels, railways, airports - for both the private and public sectors is one of the biggest industries in the world. It contributes around 10 per cent of world GDP, employs 7 per cent of the global workforce, and consumes around 20 per cent of the world's energy. It is also a highly fragmented industry with very low profit margins and a high risk of failure for the many firms operating in its complex supply chain. 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 behaviour, the processes of tendering and procurement, and the often cyclical nature of demand. Particular challenges for the industry, such as the frequency of disputes between firms and the low productivity of the sector, are shown to be the outcomes of a business model that tends to focus on the volatility of demand and managing risk at the expense of improving efficiency. As well as discussing industry-wide issues, the authors also examine how individual projects are costed. The book offers authoritative analysis and expert insight into the economics of a much misunderstood industry and is suitable for a range of courses in business schools and departments of architecture and the built environment.