World Construction Industry is one of the biggest industries in the whole world. The contribution of this industry towards the global GDP revolves around one-tenth of the total amount.
World Construction Industry is also a potential employment generator and provides work to almost seven percent of the total employed person in the whole world. The extent of this industry has become so vast that the energy, in the form of electricity or fuel, consumed by it hovers around two-fifth of the total energy consumed all over the globe. The resources that are utilized in
World Construction Industry is also staggeringly high and itself consumes fifty percent of the total world resources.
World Construction Industry is the base of the world economy which is achieved through the construction of real estate properties (both residential and commercial), bridges, tunnels, roads, railway tracks and compartments, airports, etc.
World Construction Industry has come up as a basis for judging the performance of the economic condition of a country. This industry is not a homogeneous entity but has heterogeneous characteristics which are detailed in the following :-
The
World Construction Industry that is concerned about constructing real estate properties for both residential and commercial purposes are categorized under the group General Construction. Any type of building construction are categorized under this head.
World Construction Industry that is involved in the production of specialized items in the real estate properties are categorized under Specialty trade section.
World Construction Industry is also involved in building bridges, roads, etc.
If you want more information on the topic then please go through the links below :-
- Construction Industry in Malaysia
- Indian Construction Industry
- U.S Construction Industry
- U.K Construction Industry