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
Insights of how to attract more young people to construction
Results from CIOB survey of 16-24 year olds and parents.
Focussing on the practical implementation of electrification.
Sustainable Urban Drainage and Biodiversity
Awards for champions of these interconnected fields now open.
Microcosm of biodiversity in balconies and containers
Minor design adaptations for considerable biodiversity benefit.
CIOB student competitive construction challenge Ireland
Inspiring a new wave of Irish construction professionals.
Challenges of the net zero transition in Scotland
Skills shortage and ageing workforce hampering Scottish transition to net zero.
Private rental sector, living standards and fuel poverty
Report from the NRH in partnership with Impact on Urban Health.
.Cold chain condensing units market update
Tracking the evolution of commercial refrigeration unit markets.
Attending a conservation training course, personal account
The benefits of further learning for professsionals.
Restoring Alexander Pope's grotto
The only surviving part of his villa in Twickenham.
International Women's Day 8 March, 2025
Accelerating Action for For ALL Women and Girls: Rights. Equality. Empowerment.
Lack of construction careers advice threatens housing targets
CIOB warning on Government plans to accelerate housebuilding and development.
Shelter from the storm in Ukraine
Ukraine’s architects paving the path to recovery.
BSRIA market intelligence division key appointment
Lisa Wiltshire to lead rapidly growing Market Intelligence division.
A blueprint for construction’s sustainability efforts
Practical steps to achieve the United Nations Sustainable Development Goals.
Timber in Construction Roadmap
Ambitious plans from the Government to increase the use of timber in construction.
ECA digital series unveils road to net-zero.
Retrofit and Decarbonisation framework N9 launched
Aligned with LHCPG social value strategy and the Gold Standard.