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Construction Sector And Economic Development Essay

1793 Words8 Pages

With its contribution to the economic development and economic activities, construction sector has a significant affect in the development of any nation. Because the construction sector is large and responsive, as well as it has a strong linkages with other industries, it is a key sector can affect economic development and, hence, it is important to know what is the role of the construction sector is in the economy. There are 5 factors that the construction sector affect in the economic development and economic activities.

i. Demand for basic materials
Beyond the construction activity itself, construction drives demand for building materials. This ranges from basic materials, such as sand and gravel for cement and iron ore for steel, to basic products, such as steel, rebar, cement, and concrete, to more finished products, such as wallboard, oriented strand board (OSB), windows, doors, and cabinets. It also adds to demand for heavy equipment such as cranes, bulldozers, and frontend loaders. Also not included in the construction industry’s contribution to GDP are transportation services to deliver materials to a construction site, financial services (for financing projects and purchases of projects), and sales and leasing …show more content…

Construction industry has a remarkable contribution to sustainable economic development by satisfying some of the basic objectives of development including output generation, employment creation, and income generation and re-distribution. It has also a significant role in satisfying basic physical and social needs, including the production of shelter, infrastructure and consumer goods. To know how the construction sector responds to the changes in other aspects of the economy is therefore very

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