Increasing Construction Costs

Irene S.

Order the writing of a tailor-made Business strategy Market study

Free quote online

Market study Format .docx

Increasing Construction Costs

Download

Read an extract

Themes

Construction, inflation, construction cost, infrastructure, economic impact, resource shortage, green building, sustainability, environmental sustainability, construction industry

Reader
Abstract
Contents
Extract

Abstract

Increasing construction costs is a considerable trouble facing the USA construction business sector. They influence the rising transportation, energy saving, and environmental preservation sectors. A comprehensive approach to the search for answers and adopting strategic decisions are priorities in handling this issue adequately. The enterprise could access capital markets to finance the rising costs of the crucial infrastructure, thus avoiding economic constraints and ensuring efficient completion of the projects. Promoting the concept of doing things beforehand, such as cost-effective technologies, sustainable practices, and efficient project management, remains paramount for overcoming the challenges and maintaining the continuum of infrastructure development without disturbing economic opportunity and environmental sustainability.

Thesis Statement
Factors Contributing to Rising Construction Costs
Strategic Solutions

Get this table of contents for free after login.

Extract

[...] This relationship brings together aspects of construction quality and economic results at the interconnection scene. High-ranking performance management is essential for wisely using financial benefits (Pheng & Hou, 2019). Quality control and risk management concentrate on the construction quality firm to prevent undercarriage or delays in the project's success. Working out the possibility of a labor shortage, financial risks related to the price surge, technological expenditure tracking, and leadership in product quality are the pillars recommended to minimize the financial pressure resulting from the escalation in construction costs within the US. [...]

[...] Factors Contributing to Rising Construction Costs Employment volatility and skill drain are critical issues in the Construction labor market in America. The demographic shift, like the decreased population and aged workforce, leads to the skills shortage problem. Although migrant workers may be a remedial option for construction disturbance, the overall worker shortage is a significant driving factor in rising construction costs (Brucker Juricic et al., 2021). Especially on the smooth course of the timeline and work quality, this shortage does not just increase salaries but also hampers more. Inflation is again an instrumental economic factor that affects construction project costing. [...]

[...] Training, systems of robust risk management, and adoption of sustainable practices are essential elements proving viable and practical pathways to the mitigation of economic burdens that arose through the projects' flawed development processes. Accordingly, moving ahead in studies and research along with innovation will be vital to delivering sustainable solutions for construction costs that will vary over time. References Brucker Juricic, B., Galic, M., & Marenjak, S. (2021). Review of the Construction Labour Demand and Shortages in the EU. Buildings, 17. Li, Y., & Liu, C. (2019). Applications of multirotor drone technologies in construction management. International Journal of Construction Management, 401-412. Musarat, M. [...]

[...] Strategic Solutions In the short term, resource shortages and skill gaps in the construction field could be a solution. Investing in building the workforce's training and education programs to improve their skill levels and provide opportunities for outside players to join them is necessary. Vocational training creates spaces for skills improvement and advancement, thus lessening labor shortages and wage stability in the long run. Along with investing human capital, robust risk management strategies and contingency planning should be the primary measures to facilitate any consequence of inflation and shelf overruns (Wuni et al., 2019). [...]

[...] S. (2019). The economy and the construction industry. Construction quality and the economy: A study at the firm level, 21-54. Wuni, I. Y., Shen, G. Q., & Osei-Kyei, R. (2019). Scientometric review of global research trends on green buildings in construction journals from 1992 to 2018. Energy and buildings 69-85. [...]

docx