The construction industry is huge, “sustainable”, as old as the world, and consumes up to 10% of all money used in the world. On average, it can be assumed that every tenth able-bodied person in the world is somehow connected with the construction industry. The construction industry is partly the driver of the economy; many internal processes are tied to it. And although the construction sector adjusts rather than influences the development of our lives, the contribution of this industry to the development of social processes should not be underestimated.
The construction industry remains one of the most important economic sectors in Europe, representing about 10% of GDP and 50.5% of gross fixed capital formation, providing 20 million direct jobs in the EU alone.
The 2008 crisis hit the construction industry hard in Europe. Greece suffered the most and lost 80% of its construction industry between 2010 and 2013. The rest of the EU saw a sudden drop in production, from -54.4% in Lithuania in 2009 to near-stable levels of activity in Germany and Austria.
Until 2007, the volume of construction in the EU grew every year. However, the market has shown a sharp decline since 2008. The euro crisis and the subsequent global financial and economic crisis have had a great impact on the construction industry in many European countries. And in the post-crisis period, the number of people employed in construction decreased by 15-30%:
- In Europe alone, about 4,000,000 people left construction (from peak in 2007 to bottom in 2013)
- from 2014 to 2018, 70% of these people returned back to the construction industry
The population of Europe has grown by 15 million over the past 20 years, while at the same time about 5 million people have left the construction industry.
Here are some interesting statistics about the construction Industry:
- The output in the construction sector grew by 1.9% each month across all work series in November 2020,
- A 3.5% increase in work offset the 0.6% fall in repair and maintenance; this figure has been growing for the seventh month in a row since a steep decline (40.7%) in April 2020
- The level of production in November 2020 was 0.6% above February 2020; with repair and maintenance work 7.4% above and new work 3.1% below its pre-pandemic level.
- The monthly production rise in November was partly due to relaxed restrictions in private sectors
Long-awaited update and features
The use of big data to systematize incoming information and machine learning to predict cost and time parameters in construction has not yet reached development departments, which are completely immersed in the implementation of BIM tools and solving current problems that arise between the growing number of contractors involved in construction.
Large construction companies that will not use BIM tools and automation tools in the near future (BIM in construction has demonstrated the ability to save up to 20% of project costs) in their work might be facing difficulties when it comes to taking on new projects. You can apply online all types of CSCS card, NVQ Training courses and CITB CSCS test at Construction helpline.
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