Construction Economics

1

Construction Economics

Construction Economics provides students with the principles and concepts
underlying the relationship between economic theory and the construction industry.

The new approach adopts an argument that economics is central to government
initiatives concerning sustainable construction.
This edition has been expanded to include the latest debates regarding the private
finance initiative, value management, off-site manufacture and sustainable
construction. With revised data, new examples, key readings, and updated glossary
and references, the second edition of this established core text builds on the strengths
of the previous edition

a clear and user-friendly style
• use of a second colour to highlight important definitions and formulae
• regular summaries of key points
• a glossary of key terms
• extensive use of tables and figures
• extracts from the academic journal Construction Management and
Economics to consolidate and prompt discussion
• reviews of useful websites


This book is written for students from many backgrounds: architecture, surveying,

civil engineering, mechanical engineering, structural engineering; construction,

project or estate management, property development, conservation and, even,
economics. Economics students may find it possible to skip over some of the
standard analysis, but should be forewarned that in many ways construction is quite
distinct from other sectors of the economy. An important aim of this text is to draw
out these distinctions and clarify the unique nature of the industry. In this first
chapter we begin to outline the main characteristics of firms involved in construction
markets, introducing the complexity of the construction process and diversity of
activities. As the chapter develops you will sense that there are a number of possible
ways to describe the construction industry. Table 1.1 identifies a range of activities
that can be included in a broad definition of the industry. By contrast, Table 1.2 (see
page 11) divides the construction process into a number of professional stages and
Table 1.3 (see page 19) outlines a simple classification system that narrowly defines
the industry as firms that just construct and maintain buildings and infrastructure.

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