Characteristics Of Construction Industry

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1.0 Introduction The construction industry is that the sector of economy which constructs, repairs, alters, and demolishes buildings, civil engineering works and other similar structures. In addition, the construction industry also includes the assembly and installation on site of pre-fabricated components and building engineering services. Due to the amount of industries linked to construction industry and the number of people it employs, it makes up an important part of the Malaysia’s economy. Then, it is considered as one of the key drivers of economic development Malaysia except from the services sector. According to National Resources BMI, the value of the construction industry is estimated at RM66.34 billion with a forecasted…show more content…
The construction industry is belonging one of a sector of the economy. However, the construction industry is far riskier than other lines of business, but the rewards also higher than other at the same time. The construction industry is considered as a tertiary industry, but which differs from extraction and manufacturing. First and foremost, construction industry also requires the professionals as well as a civil engineer, architect, mechanical engineer, quantity surveyor, draughtsman, overseer and et cetera. The most special thing is construction business is far different from other business, it doesn’t like other business require a number of fixed assets like land, building, industrial machinery and so on. It can theoretically run even without the need for an office. For example, the machinery and personnel can be hired depending on the construction project, the site can be bought using borrowed capital and customer can buy the units through bookings, periodic work completion contracts and et cetera. The construction industry is strongly patronized by politicians and government entities in most developing and underdeveloped…show more content…
Construction industry belongs to capital industry. It requires other industries to support them and the gross domestic product of the country also contributed by construction industry. In addition, construction industry also requires many workers. Government is the main client of construction industry regarding to their policy in infrastructure development. Demand of construction is in many sizes and types. There will be different resources, locations, inputs, and stages of the process. The demand pattern is in uncertainties and

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