An Economic Outlook of the Construction Industry in Australia
Name
Institution
Table of Contents
1.0 Contribution of the Construction Industry to the Economy of Australia 3
2.0 Past and Current Condition of the Australian Construction Industry 6
3.0 Forecasts of the Construction Industry 9
3.1 Residential Building 9
3.2 Non-residential Building 10
3.3 Engineering Construction 10
4.0 Conclusion 10
5.0 References 11
1.0 Contribution of the Construction Industry to the Economy of Australia
Every country in the world is largely dependent on the construction industry to assist in complementing in the overall growth of its economy. The construction industry widely covers a wide range of products that it deals with. For example, it involves the wide field of civil engineering, structural engineering and architecture. The construction industry plays an important role in the growth of the Australian economy. The construction industry is usually charged with the obligation of providing homes, places for people to work, and more importantly recreational facilities. It provides important facilities and infrastructure such as hospitals, education premises, roads, water and electricity supply and communication. This industry proves to be of great importance and hence the government should work towards helping this industry achieve growth. Both the public and the private sectors have roles to play to ensure that this is achieved. In addition to this, the construction industry has an important role of linking other parts of the Australian economy such manufacturing, wholesale, finance and insurance industries. This industry should be embraced and held with great honor for ensuring that the growth of this country is achiev...
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...his sector is expected to improve to 5.4% in real terms to $122.1 billion in 2012-13 before reducing to $108.0 billion in the following three years. According to Jones, the predicted growth in building and construction is set in an economy experiencing weak activity outside the mining field, poor sentiment and high levels of the Australian dollar. The unrests in the labor market and the poor fiscal consolidation will affect the growth of this industry.
4.0 Conclusion
Acquiring of D & N Company by the Lake Group will be a great opportunity in ensuring that the company continues to grow. The forecasts of the construction industry look promising and hence acquiring D & N will enable take advantage of this situation. The increasing advantage demand of products resulting from industry will be a great opportunity for the company to continue with its expansion strategy.
The United States has come to a point where a person cannot go for very long without being greeted with some sort of advertisement. Advertisements are everywhere, no matter how secluded of a life someone may live. They appear on most web pages of the Internet, show up on cellphones during applications, and are plastered along roadways. It has become second nature for most people to tune out the advertisements that are thrown in their faces at practically every turn. Our country is especially ridden with advertisements compared to others, as it has become a multi-billion industry for the country. Fueled by a materialistic frame of mind, the population’s desire for the latest product keeps the advertising field thriving.
As the company finance depends on upon the profit which is being generated at the end of the year and is displayed in the annual report published annually thus, the budget depends on upon the profit generated by the company as a company invests its profits. Hence on the basis of these strategies it can be forecasted that within five years, Australian Hardware will be leading the hardware and home improvement market in the Australia and gain large market share and revenue.
PESTEL stands for Political: highlights the role of government and how this affects the company strategic choices. Economic: refers to factors such as business cycles and economic growth rates within the country that the company is located. Social: influences the culture of a country and how they change also the demographics. Technological factor appeals more to innovations such as the Internet and new technology. Environmental focuses mainly on green issues such as pollution and waste. Legal focuses mainly on legislative issues such as health safety and environmental issues.
This paper explains The History of the US Army Corps of Engineers and its effects on the United States. It will point out key events that created the Corps of Engineers and the reasons it was needed. The content reveals the issues Congress had in the early days of the Revolutionary War and the need presented for a force to build the Nation. During the conflicts that the Corps of Engineers had to endure the conditions were sought out to be some of the worst known to the United States Army. This is, in fact, due to the Corps of Engineers always being asked to fix a problem that no other organization had encountered before. This paper only reveals only a small amount of work the Corps of Engineers took part in. Between conflicts and the
Disputes also contribute to the inflation of future building. The $7 billion problem in Australia represents the amount of money drained from its economy annually due to payment disputes, contract disputes, and lack of transparency. (This doesn't account for the lost time or emotional unrest) This $7 billion is about 3% of all construction work in Australia. For businesses to stay afloat, this cost passes to the
Construction Management is the overall planning, outlook, coordination, budget and control of a construction project from start to finish. Without them, construction projects would be very unorganized and chaotic. They make sure projects run smoothly and efficiently. They work with electricians, plumbers, carpenters and general contractors to produce the safest and best way to complete the project for the customer. Being a construction manager is a good job because they help many people build what they need.
I have completed Bsc (Hons) Construction management at the University of West London, and I would now like to further my career by studying MSC Project enterprise and management at UCL. I have made this decision after understanding that this course will enable me to develop a broad understating of construction management of large and complex projects and increase my commercial awareness of these projects. I also expect this course to be taught with both academic rigour and place consistent emphasis on practical application of what I learn to construction environment. After working in construction for industry for almost 2 years, and studying a bachelor’s degree I feel I am more than capable of completing Msc Project Entriprise with success as I have already experienced the rigors & dynamics of university education.
The main important role of the Project Management in the construction industry is to make everyone work towards the same goal that must be aligned with the strategic objectives of the company. One of the most relevant differences between any Project Management and the ones working on the Construction industry is the knowledge and skill in certain areas related to the field, it is essential to have a good understanding of construction methods, materials, scheduling and blueprint reading as well as knowledge in communication and leadership skills. In construction technology plays an important aspect to considered, for a Project Management it is important to be updated in any new technology used by construction companies. (Dykstra, 2011)
Subcontractors play very important role in the process of construction and often their work is underestimated. It is very common observation that owners hire professionals such as architects, engineers, construction managers, and general contractors. But, the actual work is performed primarily by subcontractors. The subcontractor performs the work according to the plans and specifications that are provided from the design professionals employed by the owner. For example, an electrical trade subcontractor is usually given a set of electrical plans and technical specifications designed by an electrical engineer and reviewed by the project architect. (Subcontracts and Subcontractors 2014).
The Leisure and Recreation Industry The leisure and recreation industry is an industry, which has grown and affected the economy in a big way. The industry is one of the fastest growing industries in the UK. The leisure and recreation is defined in many ways for example leisure is referred to the time spent outside employment and other essential activities such as sleeping. Recreation, where as referred to the type of activities undertaken during leisure time? The leisure and recreation industry can be described as a whole range of activities taken in people's free time.
The construction industry is one of the substrates of the domestic economy for most countries. The construction industry is playing an important role in developing the economic and status of the country. The construction process itself involved with unexpected factors. Therefore, an efficient and successful construction project is with a statement by completion of the project on time, with the given budget and to the determination quality. The construction industry have an unparalleled and own features and qualities that makes it different from other industries. The construction are unparalleled, future in the nature of construction and it involves extraordinary difference of professions,
Industrial Engineering Industrial Engineering is concerned with the design, improvement, and installation of integrated systems of people, materials, equipment, information, and energy in the most efficient manner possible. Efficiency is one of an engineers major concerns. Being able to complete the job, solve the problem, and put the solution in process are all very important, but making the process efficient allows less waste and more profit. It draws upon specialized knowledge and skill in the mathematical, physical, and social sciences together with the principles and methods of engineering analysis and design to specify, predict and evaluate the results to be obtained from such systems. Their jobs are also concerned with performance, reliability, cost efficiency, quality control, plant design, and management of human resources.
Introduction Real estate is a fixed, tangible and immovable asset in the form of houses or commercial property (Seldin & Richard 1985). Real estate market involves developing, renting, selling/purchasing and renovating of these assets (houses). Market participants include developers (contractors, engineers, and so on), facilitators (mortgage companies, real estate brokers, banks, management agents and so on), owners, renters (leasers) and renovators (Seldin & Richard 1985). Like other economic markets, real estate markets have internal and external forces that impact the market (Seldin & Richard 1985). Demand and supply forces have the major impact on the industry as they determine growth or decline in the market (Seldin & Richard 1985).
Industrial Sectors All businesses belong to a particular industrial sector. These sectors are divided into three groups, which are Primary, Secondary and Tertiary. Primary Sector- The primary sector involves the extracting of raw materials (natural resources).
Recent years have been challenging for the whole country and particularly for the construction sector and the architectural profession. Challenging times do however, afford the opportunity for reflection and debate about what is provided and delivered by the architectural profession.