Construction Industry Questions What constructionrelated mea

Construction Industry Questions What construction-related measures can be used to describe the strength of the US economy? Why are this measures appropriate? What do they indicate about our current economy? Discuss the importance of project management in the construction industry?

Solution

Construction-related measures can be used to describe the strength of the U.S. economy are as follows -

The most used measure to describe the strength of the US economy is \"housing starts\". The number and value in dollars of released building permits are also an indication of the strength of the economy. Another measure consists of total expenditure on construction in the private sector. The weakness of the US economy is often indicated by the unemployment rate among construction workers. Large increases in federal-funded construction projects may indicate a weak economy, as an increase in federal construction spending is often a measure used to support the economy. Large expenditure in the areas of renovation and remodeling (instead of new buildings) may indicate a shortage of funds available for new construction and therefore indicative of a weak economy

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Importance of Project Management in Construction Industry are as follows -

Project management, in simple words, is the management of people, time and costs by an individual or a team to ensure the efficient start-up, progress and completion of a project. All these elements apply to construction projects. Project managers in the construction sector are responsible for planning and managing the project. Their responsibilities include projects, purchases, planning authorities, budgets, contractors, customers, modifications, project lifecycle, document management and other specific areas to ensure that the construction project reaches a conclusion. Project management in the construction sector must also comply with the sustainability, insurance, health and safety, environmental and legislation requirements of the country in which the project is based.

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