Construction business is a capital intensive business, as one has to buy or rent heavy equipment or purchase materials in bulk. A solid business plan lays a platform for a new construction business. If the plan becomes solid, every bank accepts funding for your new construction business. Construction business is one of the growing industries with a considerable share in the country’s economy. Everything around us and each infrastructure can be built only by the construction business. The construction industry is too broad, more valuable, and contributes much to the country’s economy.
Project management is the combination of steps like initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet success at the specified time. The prime challenge in project management is achieving the project goals within the given constraints.
Role of the Construction Business
Building a construction site or making an alternation in a site is solely done by professional construction industries. Construction mainly depends on civil engineering. Building construction sites also includes building roads, dams, monument, wooden structure, or any other physical form of the building is done by the construction industry with proper calculations.
Role of Construction Industry in the National Development
Construction business is very important to the country’s economy. The construction sector provides about 18 million job opportunities and about 9% of the GDP growth. It creates jobs, drives economic growth, and provides solutions for social, climate, and energy challenges. Particularly in India, the growth of the construction industry hits a rocket speed rise and creates investment opportunities across related sectors.
It shares about 8.7% and about 670,778 crore rupees of India’s GDP growth in the past years which is the fastest growing economy in the world. There are many companies around the country to drive the share across in the country in all the segments.
In the past years, over 500 equipment industries are being constructed to asset the construction industry. The construction sector is a labor-intensive sector and including all direct and indirect jobs to more than 49.5 million people. This sector provides a powerful platform in the country’s economic growth in addition to producing structures; it also adds productivity and quality life. In the 20th century modernization, westernization and specifically economic development. The banks and financial industries provide finance and loans to all the construction business.
Challenges in the construction business
Even though the construction business drives a certain increase in the country’s GDP. The growth comes only through facing challenges that come every day. The main challenges include financial and economic crisis. Some of the main challenges are:
1. Stimulating demand: Efficiency improvements in existing buildings and renovations have the potential to stimulate demand
2. Training: Improving this sector is only done through training and specifically includes blue-collar workers, technical colleges, and universities.
3. Innovation: As one sector makes a vast growth, the people also demand more and more uptake of innovations.
4. Energy Efficiency and Climate Change: Building share about 40% of the energy consumption and emit about 30% greenhouse gases.