2021

Construction Industry

The construction industry has become one of the most important urban-based industries that deal with organizing and developing properties. Modernization of a building or making any other changes on the existing building comes under the construction industry.

Currently, the construction sector is divided into three categories.

  • Construction in the heavy and civil engineering market: The development of roads and bridges comes under this category.  

  • General construction: Construction of commercial and residential properties.

  • Construction of projects that involves specialist trades: Projects for the public at specialist areas such as wooden and electrical works.

Generally, a contractor or a firm responsible for a construction process will be skilled in any of the above-mentioned categories. Also, a contractor involved in the real estate sector does not go behind heavy engineering works and special trades. This case is the same for other types of contractors. For developing countries, the construction sector plays a significant role as a continuation of the development cycle. In the case of a globally competitive world, the villagers will be migrating from rural villages to cities/towns. This phenomenon is mostly happening in countries like India and China. The construction industry gets developed along with the growth of rest industries.   

The construction sector expresses itself as an economic field that has a significant role in the development of the nation. But, several obstacles are faced by the construction industry nowadays. It impacts the priority of the project and affects the steady growth of the economy. The construction industry is a risky industry that includes a wide number of steps like planning. designing, development, modification, engineering works, and so on. 

It is often dynamic and even leads the businesses to delays, conflicts, and costs. The construction sector is having features that are shared separately by different industries. But, it combines together for being a part of the construction. 

The construction sector includes different parties and stakeholders like clients, contractors, advisers, manufacturers, suppliers, public authorities, and much more.

Categories of the construction industry

Based on the work, the industry is divided into three parts. They are:

  • Building construction: It involves the construction of residential and commercial buildings.

  • Infrastructure construction: Heavy construction like bridges, highways, roads, drainages, flood control activities, marine construction, and much more. 

  • Special trade: It includes the work that requires special trading skills like plumbing, electrical, painting, carpenting, etc.

Importance of Construction Industry

There are several features that make the construction industry valuable for the economy of any country. It has crossed many technical and physical foundations that have developed modern civilization. Due to rapid growth, the construction sector has created various investment opportunities. So, it has become necessary to protect this industry from any issues.