Economy
In its broadest sense, an economy is an area of production, distribution and trade.
The state of the economy has a significant impact on the construction industry, both in terms of the demand for construction projects and the availability and price of products, materials and labour. The construction industry has also been used as a way of regulating the economy. During times of economic downturn and recession, governments tend to invest in construction projects in order to stimulate the economy, whilst during over expansion of the economy, governments reduce spending on construction to cool the economy. This leaves the construction industry in a state of boom and bust, continually expanding or downsizing in response to demand. This is very destabilising and makes long term investment difficult.
Guide to developing the programme business case, Better business cases: for better outcomes, published by HM Treasury in 2018, defines the word ‘economy’ as: ‘A measure of the extent to which the cost associated with a project, or policy is reduced.’
The term circular economy refers to the maximisation of total material resource efficiency in which everything is engineered to be constantly reused or recycled. For more information see: Circular economy.
[edit] Related articles on Designing Buildings
Featured articles and news
Do you take the lead in a circular construction economy?
Help us develop and expand this wiki as a resource for academia and industry alike.
Warm Homes Plan Workforce Taskforce
Risks of undermining UK’s energy transition due to lack of electrotechnical industry representation, says ECA.
Cost Optimal Domestic Electrification CODE
Modelling retrofits only on costs that directly impact the consumer: upfront cost of equipment, energy costs and maintenance costs.
The Warm Homes Plan details released
What's new and what is not, with industry reactions.
Could AI and VR cause an increase the value of heritage?
The Orange book: 2026 Amendment 4 to BS 7671:2018
ECA welcomes IET and BSI content sign off.
How neural technologies could transform the design future
Enhancing legacy parametric engines, offering novel ways to explore solutions and generate geometry.
Key AI related terms to be aware of
With explanations from the UK government and other bodies.
From QS to further education teacher
Applying real world skills with the next generation.
A guide on how children can use LEGO to mirror real engineering processes.
Data infrastructure for next-generation materials science
Research Data Express to automate data processing and create AI-ready datasets for materials research.
Wired for the Future with ECA; powering skills and progress
ECA South Wales Business Day 2025, a day to remember.
AI for the conservation professional
A level of sophistication previously reserved for science fiction.
Biomass harvested in cycles of less than ten years.
An interview with the new CIAT President
Usman Yaqub BSc (Hons) PCIAT MFPWS.
Cost benefit model report of building safety regime in Wales
Proposed policy option costs for design and construction stage of the new building safety regime in Wales.
Do you receive our free biweekly newsletter?
If not you can sign up to receive it in your mailbox here.