6 Sectors That Benefit From A Booming Construction And Civil Engineering Industry
One of the most staggering construction statistics came to the fore in 2015 when it emerged that China had consumed more cement in the three years between 2011 and 2013 than the United States had used in the entire 20th century. It’s an astonishing sign of the phenomenal scale of the construction industry in China but is also an indicator of the booming construction and civil engineering industries around the world.
As many emerging economies grow faster, become richer, and increasingly urbanized, the construction of buildings and infrastructure will only increase. Construction and civil engineering companies are certainly reaping the profits of this boom, but it’s not the only sector that’s gaining. The following is a look at some of the biggest beneficiaries.
TECHNICAL SUPPORT CONSULTANTS
Large-scale construction is a fairly complex process that comprises numerous moving parts. Not only do contractors have to ensure their project satisfies customer expectations, but they must make sure it adheres to industry standards and regulatory requirements.
Often, contractors don’t have all the requisite skills internally to make sure they are complying with these diverse demands. They, therefore, engage external consultants that provide the needed technical support and advice on everything from pollution control to zoning laws.
Construction and civil engineering involve movement, lifting, and manipulation of heavy and hard materials. The use of equipment to facilitate this process is not optional as human strength alone is woefully inadequate to realize similar productivity.
Steel rails, industrial boilers, bulk cement, prefabricated concrete blocks are just some of the construction and engineering materials that must sometimes be transported over vast distances. Steel rails, for instance, may need to be brought in from overseas.
The construction industry heavily relies on logistics companies to make sure such cargo not only arrives on time but also isn’t damaged in the process. This may often call for complex multi-modal transportation with the cargo moving from trains to ships to trucks.
Whereas construction is one of the oldest vocations, it’s constantly evolving to adapt to new challenges and leverage emerging technology. Construction workers across the spectrum must, therefore, possess a relevant and current set of skills to make sure they can gainfully contribute at a project site.
This can only happen if education service providers are churning a sufficient number of adequately trained personnel. With the construction boom, the industry’s demand for skilled workers has only continued to grow. That has come with an exponential rise in the number of students pursuing construction-related credentials.
Not all construction projects can be funded by the owner’s cash. Where the financing of a project using internal resources falls short, the project owner may have to look elsewhere for the money needed. One of the first stops will be their banker.
In fact, so pivotal has the banking industry been in powering construction that some of the world’s largest banks such as the China Construction Bank Corporation were established specifically to fund the construction and civil engineering sectors. Construction has become a crucial component in driving revenue and profitability for financial service providers around the world.
The statistic we mentioned at the start of this article is an example of the invaluable insights hidden in construction industry data. With modern construction and engineering industries heavily dependent on information technology for everyday operations, there’s an enormous quantity of electronic data generated each year.
Data analysis consultants and technology providers are regularly called upon to extract, organize, and analyze construction data in a way that will improve processes, better equipment, and inform future decisions.
A number of experts are predicting a steady slowdown of China’s economy as the country transitions from an upper middle income to an advanced economy. With that may come a significant tapering of global construction growth. Nevertheless, with construction continuing at breathtaking speed in other emerging economies such as India and Indonesia, the future of the construction and civil engineering industries as well as the ancillary sectors that support it is bright.
Source: Wonderful Engineering