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
Starting pistol Statement for an election campaign?
Rates freeze, NI cuts, full expensing; early election?
Positive pressure or positive input ventilation
Could this be a remedy for condensation, damp or mould?
Unlocking a Healthier Tomorrow
Report on Social housing retrofit in Scotland 2023
Call for ministerial group and National Retrofit Delivery Plan.
The Great Transformation 1860–1920. Book review.
2023 Autumn Statement in brief with reactions
Including the devolved governments, CIOB, ECA, APM and IHBC.
Irish Life Sciences HQ, an exemplar of adaptive reuse
AT awards small to medium size project category winner.
Formal and informal adaptive re-use or new use of buildings.
Broken Record. Emissions Gap Report 2023
Temperatures hit new highs, yet world fails to cut emissions (again).
Environment Agency cuts waste red tape
No longer enforcing certain waste transfer documentation.
APM Project Management Awards 2023
Winners reactions during the event at the Park Plaza Hotel.
BSRIA Living Laboratory Innovation Challenge
An exciting opportunity for stakeholders to collaborate.
Discussing issues related to inside and outside air quality
Report from the BSRIA Briefing 2023, Cleaner Air, Better Tomorrow.
Education and Health applications shine in October
Within a somewhat subdued construction market.
Restoring the Odisha East Coast Canal
A lifeline to the communities along its length.
Bill to tackle lithium-ion batteries proposed
Led by Electrical Safety First and supported by ECA.