The construction industry is a microcosm of the economy as a whole, and as such the economics of the sector contains many of the aspects of the economy in general, albeit with fascinating and unique features. What are the implications of economic theory for the future of UK construction? How does the industry ensure innovation, quality and efficiency? What priorities might best serve the construction industry, those working in it and their customers?
In seeking answers to these and other questions, the UK government has commissioned a number of reports on the construction industry including the Latham and Egan reports and more recently Construction 2025. These have invariably proposed time and cost targets for the construction industry. In this new book, Stephen Gruneberg stands in stark contrast to those reports and presents the relevant theoretical aspects of construction economics to account for the behaviour of construction firms and suggest a strategy for future growth and sustainability. He discusses the theory and data relating to the output of firms in relation to the type of firm, the market and how these firms behave as a result. The purpose of this book is to advocate the measures needed to create the kind of industry that must be fostered to ensure the quality of its output, sustainability and the fair terms and conditions of employment for its workforce.
Gruneberg’s new book is essential reading for anyone wishing to understand the economic forces that determine industry outcomes and who has a stake in the success of the UK construction sector.
Chapter 1 Introduction: tracing the history of construction reports from Simon (1944) to the Construction Sector Deal (2018)
Chapter 2 A critique of the modern construction industry
Chapter 3 Replacing target setting
Chapter 4 Setting out the priorities of the board objectives
Chapter 5 The size and scope of the construction sector
Chapter 6 Innovation in the modern construction industry
Chapter 7 A quality built output by a competitive industry
Chapter 8 Efficiency and professionalism
Chapter 9 Construction industry strategies
Chapter 10 The construction market
Chapter 11 The way forward