Recent decades have seen a major social and economic changes across the developed world and consequent changes in the construction and property industries. The discipline of construction economics needs to respond to this. For instance, the importance of sustainable development has become recognised, as has the need to increasingly master the medium and long-term consequences of construction, not only in the production but also in the management of buildings across their whole life-cycle. And the new focus on the service rendered by buildings, as distinct from the buildings themselves, has prompted a new approach to the construction and property industries. Any economic analysis of these sectors has to take account of all the participants involved in the life-cycle of building structures – not only in the design and construction, but also in the operation, maintenance, refurbishment and demolition of property.
This innovative new book draws on the work of the Task Group of the CIB (International Council for Research and Innovation) on Macroeconomics for Construction. It pulls together discussions of mesoeconomic and macroeconomic models and methodologies in construction economics and presents an exciting approach to the analysis of the operation and function of the construction and property sector within the economy. Graduate students and researchers will find it an invaluable work.
Table of Contents
1. The Changing Nature of the Built Environment 2. Defining the Sector 3. The Economics of Architecture and Urban Design 4. Market Dynamics 5. Structures Investment and Economic Growth 6. The Economics of Maintenance 7. Demand Versus Supply Side Strategies 8. Business, Building and Property Cycles 9. Impacts of Construction and Property Markets on the Macroeconomy 10. Impacts of Fiscal, Monetary and Regulatory Policies 11. Market Modelling and Forecasting 12. Interrelationships of the Building and Property Sectors 13. The Changing Nature of the Built Environment 14. Globalisation and Contagion in the World Economy 15. Theories of Investment in Property 16. Trends and Cycles in Property Investment 17. Regulatory Issues 18. Construction Activity and Economic Development 19. Aggregate GDP and Construction Value-Added 20. Real Estate Cycles 21. Input-Output Economics in the Built Environment 22. Construction and Property Markets in a Changing World Economy
Les Ruddock is Professor of Construction and Property Economics, and Associate Dean for Research in the Faculty of Business, Law and the Built Environment, at the University of Salford. He is the Co-ordinator of the CIB (Conseil International du Bâtiment) Task Group on Macroeconomics for Construction.