The Construction Industry is predominantly one of the world's most booming urban-based industries dealing with both the planning and development of real estate properties. The Construction Industry also involves the renovation of any current building or making other improvements to the same. This sector is divided into three simple categories.
- Construction in the heavy and civil engineering market - Building big projects such as bridges and roads falls within this category.
- General Construction - Building works involving the development of properties such as residential or commercial property estates.
- Construction projects involving specialist trades - Public works in specialist areas like electrical works and wooden works.
In the Construction Industry, the particular contractor or company involved in the construction process is skilled in any of the categories listed above. A contractor occupied in real estate generally does not go for specialized trade or heavy engineering works. It is the same with other kinds of contractors too. Particularly in developing countries, the construction industry will always remain a booming sector with the continuation of the development cycle. In a globally competitive world, rural people will keep migrating from rural villages to urban areas. This phenomenon is prevalent in fast-growing Asian countries like China and India. The construction industry is growing in parallel with the growth of other industries in such countries.
The construction industry typically described itself as an economic field that plays a significant role in the country's economic development. But the industry currently faces several obstacles that impact project priorities and the economy's steady growth. Construction is a high-risk industry that involves a wide variety of planning, design, development, modification, renovation, repair, and ultimately demolition of buildings, structural engineering works, mechanical and electrical engineering, and other related works.
Construction is often dynamic and makes businesses more vulnerable to conflicts, delays, and costs. The construction industry has features that are shared separately by other industries but combine to play the part of construction alone.
The construction sector comprises multiple parties and stakeholders. That means clients, professional advisers, professional bodies, contractors, suppliers, manufacturers, financial institutions, research and development bodies, and public authorities.
Categories in the Construction Industry
In terms of work, the industry is categorized into three parts. Building construction, infrastructure construction, and special trade.
- The first one involves residential, agricultural, manufacturing, commercial, or other building constructions.
- The second one is about heavy constructions such as roads and highways, bridges, sewers, railways, drainage schemes, flood control projects, and marine construction.
- Special trade construction is about works including electrical work, plumbing, fittings, paintings, etc.
Why is the Construction Industry Important?
Many factors make the construction sector valuable for the economy of any country. Starting from the scale of the construction industry, the areas involved, the employment it provides, the investments through government and private finance initiatives, health and safety, etc., can gravely impact the economic growth of a country. That's why the perpetuity of the construction industry needs to be protected.