The Forecast Of Construction Industry

Management of construction projects needs skills and knowledge in modern management and comprehension of construction and design process. In construction projects, the relevant technology processes, and arrangements differ, but common sequence of events apply. Construction projects generally require a specification of the project plans and objectives that entail budgeting, scope, setting of performance requirements, scheduling, and project participants (Rojas, 2009). It also requires project management specifics like the resource utilization by procurement of materials, labor, and equipment to project plan and schedule. In addition, it leads to implementation of several operations by effective control, estimation, design, construction, and contracting (Mincks & Johnston, 2010). The sequence of events occurring in the construction phase is categorized into three broad areas including foundation, structural, and finishes sequence.

Some things never change in Shanghai and an obsession with property is one of them. Apart from political breaks, it 's been everyone 's favorite speculation for 150 years. But recently the monster has run out of steam. Last year was very difficult for commercial and residential. Prices dropped and transaction volumes shrank. And that was before the full extent of the world economic crisis had sunk in.

New home sales and inventory have reached trough levels and can only go higher from there. This implies that residential construction will transition from a drag on GDP growth to a modest benefit for the foreseeable future.

In 2014, the sector accounted for 3.8% of the annual Gross Domestic Product (Bureau of Economic Analysis, 2016). Over the past 15 years, the sector have experienced quite a fluctuations and endured a challenging time. Starting with a decent share of 4.5% in the year 2000, the construction sector experienced a frenzy growth with flourishing US economy till 2006. The sector was badly hit during the December 2007-June 2009 recession with a net employment decline of 19.8% (Hadi, 2011). The loss of 1.5 million employment was the largest decline amongst the nonfarm industries. Residential construction was the most badly hit with effect starting almost a year before the start of the actual recession. The market and condition of this housing industry has improved ever since but this improvement is coming at a considerably slower pace (U.S. Census Bureau, Housing units started in the United States (2000-2015), 2016). As a result, the companies need to prepare themselves to face any similar market failure in future. Development of a robust business model with diverse market penetration could be one of the options to grow and prepare for any similar catastrophe (Baack, Harris, & Baack,

Service-providing industries will account for almost all of the job growth in future with construction is the only goods-producing industry expected to add jobs.

The current United States recession began in 2008 which greatly impacted the construction industry. A recession occurs when a county experiences zero or negative economic growth over a period of time. The current recession we are experiencing can be attributed to the many housing foreclosures and excess housing inventory during this period. The housing market crash affected the entire United States economy and caused a negative economic growth. The recession impacted the economy by causing unemployment, low gross domestic product due to low outputs, and increased public debt. The construction industry experienced a sharp decline in the amount of projects, resulting in many construction companies closing. Many American’s feared investing their

Development of transport infrastructure is a very expensive process. When the Canadian government, in the 1870s, promised to build a railway from Nova Scotia to British Columbia, it took more than two years just to find a company which agreed to do it. This is what happens today when the country needs to grow the

Current market Situation is not that positive as early, because the crude oil price going down day by day in the global market. Another important fact is the growth rate of Chinese market is not that high as expected. It is very slow compare to the early situation.

Many claim the booming as a result of “rich Chinese buyers” which is leading the housing market to a dangerous level where middle-class family will find highly arduous to afford a house.

Conclusion: Based on the analysis of the data, regardless of which of the forecasting methods were used, it was found that the construction industry growth rate is declining. Further it can be said that, Exponential smoothing is the relatively accurate method of forecasting as compared to two/three years moving average and the trend adjusted exponential smoothing.

These three sectors of the construction industry contributed $39.9 billion to the overall $73.8 billion. The second largest sector lies in residential construction contributing $23.4 billion.

(China) after the big wave of investments in the mining and natural gas. However, heavy rains in commodity prices in recent years have reduced the revenue flow from the resource sector battered. Housing construction is strong and healthy services. GDP growth running at 3.1% in the year to March 2016 interest rates fell to record lows (1.5% as of August 2016) to stimulate the domestic economy and allows engineers to grow from. There are a few resources for non-mining economy.

Government can best support the current transition of industry by setting the right infrastructure, investment and economic framework. This includes providing long-range certainty around major projects and government spending on defence and productivity-enhancing

By 1984, they were producing more than $1 million worth of rice and a range of side products, including rice wine. Their residential earning was up to about $200 a year. (Prager 52 ) This meant that they could begin replacing their mud-and-straw hats with solid brick houses. Shanghai today is a vast construction site with more than 20,000 projects, with 27,000 companies building bridges, tunnels, flyovers, ring roads, hotels, villas, golf courses and also public housing. This sparked national growth of about 10% a year.( 53 ) The Chinese now are going home

China is one of the major economical players in today’s international market. China’s economy is the “seconds largest in the world after the United States” (Joseph, 63). This is a striking achievement due to fact that China is a “developing country”. China has achieved a great amount of success through the collaboration of political and economical regimes. The economical growth in China led to “one of the biggest improvements in human welfare anywhere at anytime” (Kristof, 15). Currently, China is experiencing a real-estate bubble. This eventually will hit a climax, disrupting the real-estate market within China. This real estate bubble that China is undergoing is considered one of the "biggest housing