The importance of the construction industry lies in the fact that it’s one of the cannonading industries of today that has a great impact on the economy of any nation. Any piece of infrastructure or real estate erected around us is undertaken by segments under Construction Industry.
This crucial sector contributes greatly to the economic development of a nation. It has established a number of physical and technological foundations, which are directly responsible for the evolution of modern civilization.
Wondering why is construction important? The importance of the construction industry becomes more evident when it creates investment opportunities across various related industries. It can be said that the construction industry is key to achieving a nation’s socioeconomic goals.
Another reason why construction is important is that this industry has gradually become one of the strongest indicators of a country’s economic performance. It also plays an important part in enhancing the national welfare by transforming resources into facilities that benefit society at large.
The extent of this industry is vast with the energy (electricity or fuel) consumed by it making up for about two-fifth of the total energy consumed all over the globe.
The scope of the Construction Industry is too broad and HHI Lifting, a leading construction equipment supplier, is making its valuable contribution for expanding it further.
Role of the Construction Industry
Any kind of alterations in structuring properties is done by a professional construction Industry. Construction can be generic or based on civil engineering. Building of a dam, road, monument, wooden structure, real estate assets, etc. is done by the Construction Industry with proper calculations.
Politicians and planning committees depend on the construction industry to lay the foundation for sustained economic development. Such is the importance of the construction industry.
Most countries set aside around 50%-60% of their capital for construction-related initiatives, such as houses, schools, hospitals, roads, dams, railway stations, power stations, and others. In developing nations, construction comes a close second after agriculture as the largest economic sector.
Now, we’re going to answer an important and oft-asked question – why is construction important? The simple fact is that the construction industry is not just responsible only for erecting structures that lead to higher productivity and improved standard of living. It also contributes in other ways, such as:
- Creating opportunities for employment and skill-building
- Encouraging investment and profit-making
- Providing support to social causes related to health and safety
- Improving transportation systems
- Creating income opportunities for small businesses that provide related goods
One of the reasons why HHI has become a top-rated construction equipment supplier is that we’re proud to be associated with this industry. We’re committed to providing quality and value through our various types of construction equipment.
Contribution of the Construction Industry to Economic Growth
As mentioned, construction is an important sector that contributes greatly to the economic growth of a nation. As an experienced construction equipment supplier, we understand that the Construction Industry is an investment-led sector which the government shows high interest. Government contracts with the Construction Industry to develop infrastructure related to health, transport as well as the education sector. For the prosperity of any nation, the Construction Industry is quintessential.
- The contribution of this industry towards the global GDP hovers around one-tenth of the total amount.
- As an employment generator, the construction industry provides jobs to almost 7% of the total employed workforce throughout the world.
Of course, the pandemic brought with it several challenges, and the construction industry wasn’t spared. However, as projects continue to develop in the present time, supply chains have become streamlined, and so has the capital investment in this sector.
Despite budget cuts, this sector has quickly bounced back by finding ways to adhere to post-pandemic regulations. This has increased the importance of the construction industry as a nation-building force. It has successfully capitalized on the available opportunities and adapted rapidly to new techniques and methods.
In keeping with these trends, HHI has been offering different types of construction equipment that cater to the various needs of players in this industry.
Diversified Clients Act in Construction Deal
The Construction Industry is diversified. It involves numerous clients like property builders, property developers, material suppliers, and contractors. The Construction Industry brings cost-effective building solutions where all these clients play an active role to make the contract a success. Also, attractive construction of the infrastructure attracts many inward investors for business deals. Well-constructed infrastructure creates a healthy environment to work in, thereby increasing the productivity and flexibility of the labor force.
The construction industry works with calculations and within the framework of carbon credits. Their input of resources is precise by implementing optimum use with minimum wastage. (100)
Yet another reason why construction is important is that it has continually managed to build a more sustainable world through projects and infrastructural development. The importance of the construction industry can be seen in the progress made in waste management and green buildings, as well as using eco-friendly materials.
Logistics contributes greatly to the construction industry. It teaches effective transport of different types of construction equipment, product handling, delivery of material, storage, etc. Executing logistics in the Construction Industry reduces costs by up to 2.5%.
As complex as it may be, construction site logistics are crucial. Without logistics, completing projects on time, on budget, and according to the client’s specifications would be impossible.
With supply chains transforming and evolving, it has become challenging for logistics managers to follow schedules, and avoid holdups, rework, and inefficiencies in deliveries.
The most important aspect of construction logistics is flexibility. While there’s no guarantee that all projects will go according to plan, it is important to create a strong foundation to ensure smoother logistics and improved results over time.
Tools and Machines
With the competitive times, many construction equipment has been introduced that make construction work easy, quick as well as safe. Certain common construction equipment are:
- Aerial Lifts
- Concrete Mixture
- Backhoe Loaders
- Light Towers
- Welders and many more.
Based on the type of construction, construction tools and machines can be categorized as:
This equipment help in digging foundations and landscape areas.
These are heavy-duty vehicles for conducting civil engineering tasks.
Material Handling Equipment
This equipment lifts or move construction materials. E.g., Crane- It is the most common construction machine seen at the construction site. Construction activity is incomplete without the use of cranes, and crane rigging is one of its specialties.
Types of Construction Equipment
These equipments are mixtures and conveyors used during construction.
Hence, as mentioned above the construction industry plays a significant role in the success of the economy. The government, and other regulatory authorities, need to consider these points seriously in order to ensure that the industry receives the importance that it deserves.
The construction industry plays a huge role in a nation’s economy. The key importance of the construction industry lies in the fact that it is directly responsible for creating millions of jobs globally, and contributes a considerable proportion of a country’s GDP.
When associated with other related sectors, such as manufacturing and distribution, transport, finance, and real estate, the construction sector can have a huge impact on our society.
HHI is a reputed construction equipment supplier that has been serving the construction industry with different types of construction equipment. We supply state-of-the-art lifting products and services to energy and construction markets worldwide. Contact us to learn more about our products and services, and request a free quote today.