Think of the world’s wealthiest cities: New York, Tokyo, Los Angeles and London probably spring to mind. But based on annual gross domestic product (GDP) growth Asian cities – particularly those in India – are powering ahead of other urban economies. According to research institute Oxford Economics, all the top 10 fastest-growing cities by GDP between 2019 and 2035 will be in India. Surat, a large city in the northwestern state of Gujarat, will have the fastest economic growth in the world. Surat is renowned as a diamond processing and trading centre, but it also has a strong IT sector, says the report, which predicts that the city will see an average annual GDP growth rate of 9.2% fr... »
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Construction is tough, sometimes dangerous work. Globally, the construction industry accounts for about 7% of employment. But it’s responsible for between 30% and 40% of all work-related fatalities. The figure is at its highest in developing countries. This is because contractor organisations in those countries tend to lack a safety culture. Health and management systems are also less robust there than in developed nations. This is obviously a huge problem. First, of course, there’s the loss of human life. But there’s an economic effect too. Accidents disrupt site activities. Projects can then run behind schedule, leading to cost overruns. This affects productivity and the industry’s reputat... »
It’s no secret that the world is rapidly urbanizing. People are flocking to cities around the globe that do not have enough buildings or infrastructure to support them. Builders can’t keep up. According to the McKinsey Global Institute, construction productivity has fallen by half since the 1960s. While there are many factors at play, one of the biggest threats to this labor-driven industry is the growing shortage of workers. When the recession hit in 2008, 600,000 workers left construction jobs never to return. Today workers avoid construction jobs, perceiving them as dangerous, difficult, and dirty. Millennials of all income backgrounds entering the workforce would prefer to go to a four-y... »
The UN Department of Economic and Social Affairs (UN DESA) predicts that future increases in the world’s urban population will be concentrated in just a few countries. India, China and Nigeria are together expected to account for 35% of the projected growth in the world’s urban population until 2050; of these three, the absolute growth in urban population is projected to be the highest in India. In terms of sheer numbers, the largest urban transformation of the 21st century is thus happening in India, and the Indian real estate and infrastructure industry is a key contributor to this growth. India’s real estate sector is expected to contribute 13% to the country’s GDP by 2025 and reach a mar... »
Around the world, in almost all human endeavours, technology is revolutionising the way we live and work. It’s time for the construction industry to catch up with the rest of the sectors in terms of adopting cutting-edge technology. Within the last two decades, we, as construction professionals, have seen how approaches to design and construction have dramatically improved the way we design and conceive our built environment. From paper-based design drawing to CAD and BIM, technology is reshaping the construction industry, and now it is time for us to embrace digital twinning. A digital twin can be seen as the progression of the well-known BIM process which aims to accompany the physical ass... »
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Murray & Roberts’ subsidiary Clough USA has won a $620m (R9.4bn) petrochemical engineering, procurement and construction (EPC) contract in the US, in a development that vindicates the company’s strategy to diversify through acq…[Read more]
Rising labour costs have prompted South Korean steelmaker Posco, in partnership with a number of Korean contractors, to develop a new, patented building system allowing three floors of a building to be erected at once
The company unveiled its “Posco Box” (P-Box) pillar-and-ledger beam bonding system last week. The idea is to connect horizontal concrete beams to a steel pipe filled with concrete. As the pipe is 15m high, it allows builders to add three floors at a time, reducing construction time.
Aveng has sold another noncore asset, its Grinaker-LTA Building and Civil Engineering business, to the Laula Consortium for R100-million.
The UN Department of Economic and Social Affairs (UN DESA) predicts that future increases in the world’s urban population will be concentrated in just a few countries. India, China and Nigeria are together exp […]
The UK economy shrank for the first time in seven years as output fell 0.2% between April and June, with falls in manufacturing and construction partly to blame.
The UK economy unexpectedly shrunk for the first time in 7 years – and the pound is getting clobbered
The UK economy contracted for the first time since 2012, as GDP slid 0.2% between April and June. The Office for National Statistics said a fall in construction and manufacturing output was to blame. The pound fell 0.4% against the dollar to below $1.21, adding to its 4.5% fall over July and August.
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