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Last edited 10 Dec 2020
Economic development and construction
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The construction industry is vitally important in terms of contributing to economic development. Construction creates, builds and maintains the business workplaces, infrastructure, homes, schools, hospitals, and so on, which provide the services that society relies on. The more innovative, productive and efficient the construction industry is, the greater the economic prosperity of a country.
The economy is heavily dependent on the performance of built infrastructure in order to remain competitive. The quality and efficiency of the built environment will often be a key factor for inward investors when considering their decisions. This has been a crucial factor behind the arguments behind major infrastructure projects such as High Speed Rail 2 (HS2) and the third runway at Heathrow Airport.
Not only is construction essential for economic development, but also in terms of climate change and sustainability, and is very important in terms of countries meeting environmental and societal obligations and requirements. This is partly due to the fact that the built environment has a major impact on the rate at which resources are used. As a means of addressing this, construction is increasingly playing a major role in the drive to promote sustainable growth and development.
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