Construction. A Report on the Industry
INDUSTRIAL COLL OF THE ARMED FORCES WASHINGTON DC
Pagination or Media Count:
This paper captures a comprehensive five-month study of the construction industry. It seeks to define the industry and identifies current conditions and industry trends. It reviews several challenges confronting the industry and examines the role of government in shaping its future and overcoming these obstacles. Three essays provide a deeper examination of several issues relevant to the industry today. The highly competitive construction industry is a powerful engine for the U.S. economy, providing strength and stability to our national Gross Domestic Product GDP. A healthy construction industry creates jobs, fuels the economy, enhances the quality of life for Americans, and is an essential component of our national security. In 2003, construction continued to track its performance as a generally healthy and moderately profitable industry. The construction industry grew at a moderate pace in the last year in despite a weakening economy and chronic shortages of skilled and semi-skilled labor. The economic stimulus package, a rebounding economy, and continued low interest rates fueled unprecedented increases in housing construction and helped stimulate modest commercial construction. Value in the industry remains strong with projections for limited growth prospects domestically and potentially significant opportunities in the international sector. Industry data shows evidence of a continuing trend toward consolidation through acquisitions and mergers, forcing smaller construction-related companies to increase their productivity to remain competitive. This trend is driving an accelerated use of information technology tools to improve efficiency. As state and local governments find it increasingly difficult to raise revenues to build and maintain needed infrastructure, alternative financing mechanisms involving private financing of public infrastructure are becoming more widespread.
- Government and Political Science
- Manufacturing and Industrial Engineering and Control of Production Systems
- Military Operations, Strategy and Tactics