Buch(elektronisch)2019

The Economics of Construction

In: The Economics of Big Business

Gruneberg, Stephen; Francis, Noble

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Abstract

Cover -- Half-title -- Series information -- Title page -- Copyright information -- Table of contents -- Preface -- 1 Getting to grips with construction industry statistics -- Data covering construction -- Concluding remarks -- 2 Economic theory of markets and construction -- Technology -- Concluding remarks -- 3 Running a construction firm -- Tendering and full cost pricing in build to order -- A digression into accounting practice -- The operating cycle and the current ratio -- An example of the operating cycle, cash flow and working capital -- Concluding remarks -- 4 The firm and economies of growth -- Why firms feel the need to grow -- Innovation in construction -- The resource-based view and VRIN -- Subcontractors -- Cash flow and the problem of retention -- In defence of retention payments -- The hidden costs of retention payments -- Concluding remarks -- 5 Productivity and the construction market -- Concluding remarks -- 6 The game of construction -- Concluding remarks -- 7 The underlying causes of conflict in construction -- Value added and value added tax -- Concluding remarks -- 8 Construction and cyclicality -- Construction and business cycles -- Construction cycles and employment -- Costs and behaviour -- Construction new orders and output -- Concluding remarks -- 9 Projects -- The "traditional" contracting system -- Design and build -- Management contracting and construction management -- Partnering -- The Private Finance Initiative -- Speculative building -- Feasibility studies -- Time value of money -- The distribution of costs and benefits -- Decision criteria -- Discounting -- Site acquisition -- Concluding remarks -- 10 The economics of construction project management -- Managing construction: the London Olympics -- Building information modelling -- Concluding remarks -- Bibliography -- List of figures and tables -- Index.

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Buch(elektronisch)#12019

The economics of construction

In: Economics of big business

Gruneberg, Stephen L.; Francis, Noble; JSTOR (Organization)

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Buch(elektronisch)#22019

The economics of construction

In: The economics of big business

Gruneberg, Stephen L.; Francis, Noble

The construction of housing, commercial property and infrastructure projects - roads, bridges, tunnels, railways, airports - for both the private and public sectors is one of the biggest industries in the world. It contributes around 10 per cent of world GDP, employs 7 per cent of the global workforce, and consumes around 20 per cent of the world's energy. It is also a highly fragmented industry with very low profit margins and a high risk of failure for the many firms operating in its complex supply chain. Stephen Gruneberg and Noble Francis present an up-to-date analysis of how construction markets operate, how firms collaborate on projects, and how their business models work. They explore the many distinctive features of the economics of the industry, such as the use of cost-reduction rather than profit-maximizing behaviour, the processes of tendering and procurement, and the often cyclical nature of demand. Particular challenges for the industry, such as the frequency of disputes between firms and the low productivity of the sector, are shown to be the outcomes of a business model that tends to focus on the volatility of demand and managing risk at the expense of improving efficiency. As well as discussing industry-wide issues, the authors also examine how individual projects are costed. The book offers authoritative analysis and expert insight into the economics of a much misunderstood industry and is suitable for a range of courses in business schools and departments of architecture and the built environment.