Construction Industry Economic Situation

Construction Industry Economic Situation

Construction Industry Economic Situation : The construction industry is very important to the UK economy – and of course to the world economy. In the UK, it accounts for more than 10% of the country’s gross domestic product and employs around 2.5 million people. In the last three years, an additional £33 billion has been provided to the sector to improve public services. Included in this figure are large investments in transportation, health and housing.

As the industry is investment driven, it is subject to economic ups and downs; during the recession of the mid-1980s and early 1990s, there was a significant decline. However, in the late 1990s, there was a sharp shift in the opposite direction.

Our construction industry, by virtue of its geographical location, is not subject to the full influence of the proven cross-border competition on the European mainland. However, the construction industry around the world has been affected by the current economic climate and rising fuel prices.

For the beginning of 2008, the German construction industry showed a marked improvement, but this slowed down and declined at the end of the year, due to rising oil prices and slowing economic growth in many industrialized countries. In addition to economic factors, there are also ecological factors of tidal waves.

In America, the number of people who cite Global Warming as the most important environmental problem increased from 11% in 2003 to 35% in 2006. The construction industry is facing new challenges in replacing and renovating buildings with minimal environmental impact. At the same time, the costs of these precautions must be measured against the potential benefits.

However, despite the factors that seem to conspire against it, the industry moves at a very fast pace and is an ever-changing entity. While laws are constantly changing, new techniques, technologies and methods are constantly evolving to keep up. As new practices develop, new jobs in construction are constantly being created.

In the UK, the Home Office has released figures stating that the top three construction jobs with the fewest applicants are jobs for transport and road engineering, soil engineering and contaminated soil specialist. With major infrastructure and building construction taking place in South East England, such as the 2012 Olympics and the regeneration of the Thames Gateway, construction hiring in this area will increase.

The British Olympics will have 30 venues and a budget of £2.3 billion. It also has a non-negotiable absolute settlement date. As that date draws near, the construction industry will find itself in high demand as pressures and expectations rise. 2012 promises to be an important year for the industry and many see it as an opportunity to showcase its talents.

Of course, construction takes place all over the world and this gives workers the opportunity to travel as well as work. Construction work requires large teams of people who all work for a common goal and, although the lifestyle can be temporary, many get used to it and find it a liberating existence. Some projects are short-term, while others can last for years – such as the construction of an oil refinery.