“How has globalization impacted on the construction industry in terms of issues such as: structure, characteristics of the industry and individual firms, building cycles and forecasting the future direction of the overall economy and the construction industry in particular”.
TABLE OF CONTENTSPage
1.0 Executive Summary
4.1 The Global Construction Industry4.2 Issues Relating to the Globalization Structure
5.1 Characteristics of the Industry
5.2 Individual Firms
6.0 Building Cycles
7.0 Forecasting the Future Direction
7.1 Future Direction of the Construction Industry
7.2 Future Direction of the Overall Economy
9.0 Reference List
10.1 Tutorial 1
10.2 Tutorial 2
10.3 Tutorial 3
10.4 Tutorial 5
10.5 Tutorial 6
10.6 Tutorial 7
10.7 Tutorial 10
1. Executive Summary
I present this report on the impact of globalization on the construction industry in terms of related issues, which affect the overall building market. The influence of globalization on the construction industry is the transformation of local and regional markets into one global market. Impacting local construction industry in providing open construction trade. The globalization affects the characteristics and structure of international construction activity with issues relating the challenges from the global climate. The aim for the international construction industry is to provide the supply and demand of related goods and services required to undertake the necessary projects.
Local and regional markets are made up of a large amount of relatively small construction firms and small amount of relatively large firms. This report will provide evidence that the influence of the top 225 construction firms have on the international construction industry. These international large individual construction firms play a key role in the global mega projects and developing nations.
Globalization relies upon the forecasts and directions of building cycles which are affected by the global economic climate. The forecasts for the future direction of the construction industry are dim. However, from my understanding the future of the industry is bright with the ability to grow. This report will provide you with an understanding that this construction industry is an international market heavily influenced by globalization.
The construction industry today is considered a global market and the following report has been commissioned by Vernol Vlluwishewa on behalf of the University of Western Sydney to undertake the study for construction economics in terms of the globalization impact on the construction industry. The limitations encountered in the production of this report were the lack of recourses available. The following report reflected on the globalization impact on the construction industry covering issues including the structure, characteristics of the industry, including individual global firms, building cycles and forecasting the future direction of the overall economy and the construction industry in particular.
Globalization is the transformation of local and regional markets into one global market. The economic integration of a global uniform market propels opportunities and challenges into a larger market with the allowance of economic trade, increasing a borderless world (Ulluwishewa, 2009). Globalization opens up trade between nations by lifting trade barriers, allowing the import and export of goods and services. The current construction industry is considered a global industry that forms part of the global economy. The integration of globalization into the construction industry was due to larger construction firms who where inclined to direct their attention to international markets, who...