Construction

The construction industry encompasses a wide range of activities, including site preparation, building, renovation, and repair of structures.

The construction industry is one of the major global industries, contributing 6% to 9% of the GDP in developed countries. This sector plays a crucial role in national economies, as there is a strong correlation between economic growth and construction investments due to the industry's significant multiplier effect.

Construction begins with planning, design, and financing and continues until the project is built and ready for use. The industry also includes the repair and modification of existing infrastructure.

Subsectors of the construction industry:

• Residential and non-residential building construction
• Engineering system construction
• Land development
• Road, street, and bridge construction
• Other heavy and civil construction
• Construction contracting services

The construction industry in China is the largest in the world. The United States also has a significant construction sector, driven by both public and private investments. Countries such as India, Japan, and Germany also have notable construction industries.

Major trends in the construction industry:

1. Ongoing industry consolidation and fragmentation.
2. Persistent labor shortages, especially in skilled labor.
3. Rising costs (materials, wages, regulatory compliance, etc.).
4. Continuous improvements in processes and equipment for enhanced safety.
5. Increased investment in infrastructure (smart homes, green building technologies).
6. IT-driven efficiency improvements (mobile technology, augmented reality, building information modeling).
7. Growing use of modular and prefabricated construction.