The development of infrastructure and construction is known historically to lead to national and regional economic growth.
The Construction and Infrastructure industry is the backbone of the economy. There is an increasing trend of more people living in urban cities and areas, particularly in developing countries. The trend drives the expansion of construction and infrastructure ranging from residential and non-residentials to public sectors.
From homeowners to government-funded projects, the industry has a wide range of segments that are managed by engineers, project managers, and consultants. Project control management is crucial to deliver in every phase to ensure cost and time efficiency and productivity. Performance and market growth on construction and infrastructure vary depending on the countries’ commitment and capability to invest in long-term projects.
Residential construction is the business of building and selling individual and multi-family residences. Generally, developers and building firms construct residential buildings, but in many countries, government or local authorities give planning permission and govern construction method regulations. The global market for the residential building construction industry is one of the largest segments in the industry. The leading industry players globally are Country Garden Holdings, DR Horton, Lennar Corp, Pulte Group, and China State Construction Engineering Corporation.
Non-residential buildings typically are large infrastructure projects which comprise industrial buildings, commercial buildings, educational buildings, healthcare buildings, and other buildings. Hence, non-residential buildings cover factories, hospitals, schools, office buildings, hotels, shopping malls, restaurants, airport buildings, warehouses, and many more. Some key players in the non-residential building construction market are Clark Construction Group, Turner Construction, Whiting-Turner Contracting, Balfour Beatty, and China State Engineering Corporation. The global non-residential building construction market is anticipated to grow at a compound annual growth rate (CAGR) of 12% from $2.4 trillion in 2020 to $2.7 trillion in 2021. The growth is predominantly due to both state and private sectors reorganizing their operations and recovering from the COVID-19 impact.
Public constructions are related to the construction, maintenance, rehabilitation, alteration, extension, demolition, or any improvements on land by public bodies. Public construction consists of preparatory works (excavation, demolition, drainage, or fencing), construction works (carpentry, flooring, tiling, or plumbing), installations (electrical wiring, heating, ventilation, or drainage), and civil works (roads, bridges, sewers, pipelines, aqueducts, or railways).
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