Construction Economics

Construction Economics provides students with the principles underlying the relationship between economic theory and the construction industry. Its new approach specifically examines the problems of securing sustainable construction and this fifth edition broadens the message to address the immediacy of the problems relating to the carbon-based world that we have constructed.

Embracing the whole process of the construction life cycle, the new edition discusses the economic impact of the Covid pandemic on the industry and the broader implications of the promise to build back better. It also includes new coverage of the opportunities offered by technology, the establishment of higher standards to achieve greater energy efficiency and wellbeing, the adoption of the principles of a circular economy, the retrofit of existing buildings and the recycling of materials. New sections also highlight the methodology of the subject to identify the boundaries of construction economics and clarify what to expect and what can be achieved.

As with previous editions, it retains a tried and tested format including:

a clear and user-friendly style

use of colour for emphasis

regular summaries of key points

a glossary of key terms

extensive use of tables, figures and data

readings from Construction Management and Economics

tutorial questions to review each section

research guidance

reviews of useful websites.

This invaluable textbook is essential reading across a wide range of disciplines. It provides the economic context to the relevance of sustainability and debates about climate change, highlighting the vital contributions that surveyors, contractors, project managers, engineers, architects and developers can offer to take it forward.

Table of Contents

Introduction to the Fifth Edition

Chapter 1: An Introduction to the Basic Concepts

Reading 1

Research Guidance: Introduction

Part A Effective Use of Resources

Chapter 2: Economic Systems for Resource Allocation

Chapter 3: The Market Mechanism

Chapter 4: The Theory of Demand

Chapter 5: The Theory of Supply

Chapter 6: Clients and Contractors

Chapter 7: Costs of the Construction Firm

Chapter 8: Types of Market Structure in the Construction Industry

Reading 2

Reading 3

Research Guidance: Literature Review

Part B Protection and Enhancement of the Environment

Chapter 9: Markets for Green Buildings and Infrastructure

Chapter 10: Market Failure and Government Intervention

Chapter 11: Environmental Economics

Reading 4

Research Guidance: Data Collection

Part C Economic Growth that Meets the Needs of Everyone

Chapter 12: Managing the Macroeconomy

Chapter 13: The Economy and Construction: Measurement and Manipulation

Chapter 14: The Business Case: Inflation and Expectations

Reading 5

Research Guidance: Critical Thinking

Chapter 15: Sustainable Construction

Reading 6

Reading 7

Reading 8

Research Guidance: Triangulation

Glossary

References

Index