Civil Engineering Reference
In-Depth Information
even if that means losing the ability to generalise about the economy at large. As a
result, there is no coherent conceptual consensus about what constitutes the precise
nature of construction economics. As George Ofori (1994: 304) bluntly concluded
in his seminal review of the subject: 'Construction economics cannot be regarded as
a bona-fide academic discipline. It lacks a clear indication of its main concerns and
content.' A situation that de Valence (2011: 1) suggests still exists today.
The purpose of this text is to address this lack of consensus and make the
case for a coherent economic vocabulary. The crux of the argument for this new
approach is the increasing importance of strategies aimed at achieving
sustainable
construction
. In other words, there is an increasing recognition that the industry
makes an important contribution to a country's economic, social and environmental
wellbeing.
INTRODUCING SUSTAINABLE CONSTRUCTION
The UK government published its first strategy for sustainable construction,
Building a Better Quality of Life
, in April 2000. This document aimed to provide
a catalyst for change in the approach to construction processes. Subsequently it has
been revised and extended, and the
Strategy for Sustainable Construction
published
in June 2008 states the current UK position. Similar agendas have emerged in
Europe, North America and some developing countries (see
Chapter 15
for further
discussion). Sustainable construction can be described in simple terms as comprising:
• efficient use of resources
• effective protection of the environment
• economic growth
•
social progress that meets the needs of everyone.
Each of these strands is underpinned by economic concepts, which provide the
rationale for this topic.
Part A
Effective use of resources
This deals with microeconomics, and outlines the various ways of efficiently
allocating resources between competing ends. In this section the prime focus
is concerned with the determinants of demand and supply for infrastructure,
housing, industrial buildings, commercial property, and repair and maintenance.
Part B
Protection and enhancement of the environment
This section considers failures of the market system, drawing upon various
environmental economic concepts and tools to encourage future members of the
construction industry to evaluate projects by more than just financial criteria.
Part C
Economic growth that meets the needs of everyone
This section incorporates coverage of the broader macroeconomic scene. It
outlines the various government objectives that need to be achieved alongside
sustainable construction. It highlights the difficulty of managing an economy
and the need for professionals working in the construction industry to acquire
an economic vocabulary.
