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Essay on The British Building and Construction Industry

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The British Building and Construction Industry

UK construction industry provides tenth of UK gross domestic product
and employs 1.4 million people. UK designers, civil engineers,
contractors, component and product manufactures. UK construction
industry is one of the strongest in the world with output ranked in
global top ten, with increase of private finances to public sector
projects. British consultants and contractors are well positioned to
offer skills and experience in building projects.

In order for British construction industry to do what they are best
capable of doing which is providing and building new houses, demand
and supply plays a vital role. There has to be to be enough demand for
houses for construction industries to supply and build houses. There
are determinants to supply and demand which affect the construction
industry decision making and future profitability. These can be
divided into determinants of demand and supply.

Determinants of demand Determinants of supply

Price
Price

Income Price of land

Level of economic activity Cost of building material

Consumer confidence

Level of rents

Interest Rates

Expectation of future price increases

Ratio of income to house prices

What also determines future profitability of construction industries
are consumer tastes, social attitudes, disposable income, demographic
factors, political, economical and environmental factors and important
macroeconomic indicators. I have done sufficient research on these
topics and these will be discussed in this report.

The Determinants of Demand For Houses

Price- Price is value of the product. If prices of houses are too high
and consumers are unable to afford them, the demands for houses fall.
Thus supply falls. This gives no demand to construction industries and
they will see a loss in profit and if prices remain high future
profits for construction industries looks bleak, for example,
Constructionline Would not have many housing projects due to lack of
demand for houses.

Price for houses increase, demand for houses falls from d to d1. The
price elasticity for houses is elastic, slight increase of prices
demand falls.

Income- Income what people earn in return of their work commitment. As
peoples incomes rise their demand for most goods rise, such goods are
called normal goods. Privately owne...


... middle of paper ...


...on industries.

Recommendation-

Government intervention could be needed to resolve the problem of
falling demand for house. What could be doe is lower interest rates,
this would encourage people to take out loans and mortgages and for
return pay less in interest. This would increase demand and increase
demand for construction industries. Another measure could be to
decrease house taxes , this in return will also increase the demand of
houses as consumers will have to pay less to keep the house running.
Government could also step in and provide subsidies to those who
receive less earnings or those that cant find employment, this would
also increase the demand for houses and profit for construction
industries. All these measures can increase demand and in return
supply

of houses which will see demand and profits for construction
industries increase. This would improve economic growth and stabilise
the economy.

Sources and Bibliography

Websites

- www.tutor2u.net

- www.dti.co.uk

- www.constructionline.co.uk

- www.economics-revision.co.uk

Sources

Books

- Dr Phil Drummond- Businees environment

- John Sloman- Economics 5th Edition


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