Construction Industry Trends

Construction Industry Trends all over the world show a rise in its rate of growth. This industry is composed of many components including construction of heavy and civil engineering (highways, bridges, railway tracks, airports, etc.), real estate (both residential as well as commercial) development, and specialized construction products (such as architectural products, electrical connections, decorative items, etc.). All these segments cannot be expected to show similar trends and in fact are showing differential growth pattern all over the world.

Facts about Construction Industry Trends

• Construction industry contributes a huge chunk to the world GDP amounting to 1/10th of the same.
• This industry has immense potential in generating huge amount of employment. It has been found out that construction industry offers employment to around 7% of the total employed work force around the globe.
• Construction Industry is the largest sector in respect of consumption of energy. It consumes around 2/5th of the total consumed energy through out the world.
• Resource utilization in case of construction industry amounts to half of the total resource used all over the world.

The most significant aspect associated with the construction industry trends is increased use of the latest IT technologies for pacing up the work. Cutting edge technology is being adopted by world's one of the biggest industries for leveraging purposes and is mainly being used in raising the efficiency level of engineering and designing of construction industry. It has been found out that the paper oriented format of operation in the construction industry is not at all a cost effective approach because it eats around sixteen billion US dollars in US real estate sector only. Construction Industry Trends show that the utilization of information technology has helped the industry to save a lot of fund which could be channelized in more fruitful directions.

One of the latest technologies used in construction industry is Building Information Model (BIM). This technology helps all the factors of a project to work in a collaborative and concerted manner solely based on the platform of Information Technology. BIM helps the different members of a project to communicate information among themselves which consequently leverages the productivity and at the same time minimizes the error along with cost.

Construction Industry Trends can be stratified in accordance with the different segments and countries. We would mainly discuss about two countries for giving an overview of the construction industry trends.

Acts and ordinances that are implied in construction industry

During the last few decades there was a grate development in construction industry due to new trends that are applied by the parties involved. There fore many issues arise in the construction field. To get rid of those issues many laws were implied with the help of governmental and non governmental institutions. Among them Urban development Authority, National Housing Development Authority and Mahawali Development Authority are play an important role.

An act to amend the national housing development Authority act

1. This Act may be cited as the National Housing Development Authority (Amendment) Act, No. 23 of 2002.

2. Section 63 of the National Housing Development Authority Act, No. 17 of 1979 (hereinafter referred to as the “principal enactment”) is hereby amended in subsection
1. of that section by the substitution for the words “lawful termination of the occupation of such building by the occupier” ; of the words “lawful termination of the occupation of such building by the landlord” .

3. Section 82 of the principal enactment is hereby amended by the substitution, for the words “any property, business and any activity of the Authority”, of the words any property, business and any activity of the Authority or to any legal proceeding relating to such property, business or activity.”

4. The Schedule to the principal enactment is hereby amended by the addition immediately after the item “Rent Act, No. 7 of 1972,” of the following item “Mediation Board

5. Housing Development Finance Corporation of Sri Lanka (Amendment) Act, No. 15 of 2003 Section 2 of the Housing Development Finance Corporation of Sri Lanka Act, No. 7 of 1997 (hereinafter referred to as the “principal enactment”) is hereby amended in subsection (1) of that section by the substitution for the words “Housing Development Finance Corporation of Sri Lanka (hereinafter referred to as “the Corporation”) of the words “Housing Development Finance Corporation Bank of Sri Lanka” (hereinafter referred to as the “HDFC Bank of Sri Lanka”).

6. In the principal enactment (other than in the longtitle) and in any other written law, there shall be substituted for the words “Housing Development Finance Corporation of Sri Lanka” and “Corporation” (denoting the “Housing Development Finance Corporation”), of the words “Housing Development Finance Corporation Bank” and “HDFC Bank” respectively.