CIOB: Increasing global competition is key concern for Europe’s construction industry leaders
A new report “Key trends in the European and US construction marketplace” has been produced through a research partnership between McGraw-Hill Construction in the USA and the University of Reading’s Innovative Construction Research Centre (ICRC), with support from the Chartered Institute of Building (CIOB).
The report details the latest research on major issues facing today’s global construction industry, with an emphasis on the trends in Europe and the US. Construction has a big impact on the worlds economy, contributing an average of 10% global GDP (Gross Domestic Product).
The research highlights that advances in technology, the shifts in the construction workforce and increasing global competition are key concerns among industry leaders across Europe and the US. The report emphasises the driving influence of governance and legislation, environmental pressures, global project finance, new procurement methods and the increasing cost of materials. It explores how these trends are shaping the increasingly interconnected construction marketplace.
These trends serve as challenges for the industry, but represent exciting opportunities for construction players in Europe and the US. Roger Flanagan, Professor of Construction Management at Reading University and Past President of the CIOB, points to the prospects for the future: “It is exciting to consider the data and trends in this report, and imagine how they will shape the way we do business. Ultimately, the business sense, entrepreneurship, innovation and imagination of leaders in our industry will decide how these trends shape our future.”
“Construction activities are becoming increasingly global,” states Harvey M. Bernstein, Vice President, Industry Analytics, Alliances and Strategic Initiatives at McGraw-Hill Construction: “The financial and building trends in one country are largely impacted by social and political events in other areas of the world. It is important that we understand these trends and how they will impact the work that we do today and in the future.”
Major findings of the report include:
· Emerging and transitioning economies are fast becoming attractive building markets as well as formidable foreign competitors;
· Materials prices are continuing to escalate, placing a growing pressure on project costs and encouraging the shift to alternative materials;
· Construction industry leaders in Europe and the US share concerns about the global workforce shortage, and they expect the situation to worsen in the next 5-7 years;
· The market for green building is significant and growing rapidly in both regions thanks to supportive legislation, market differentiation, and the growing pressure of global competition;
· Use of BIM (Building Information Modeling) is significant and growing, but there remains a dire need for enhanced awareness about interoperability and the benefits of digital design.
ENDS
NOTES TO EDITORS
The Chartered Institute of Building (CIOB) represents on behalf of the public the most diverse set of professionals in the construction industry.
The CIOB’s role is to:
· Promote the importance of the built environment.
· Lead the industry to create a sustainable future worldwide.
· Encourage leadership potential.
· Set the highest standards in quality, safety and qualification.
· Create an industry where excellence prospers.
About McGraw-Hill Construction
McGraw-Hill Construction, part of The McGraw-Hill Companies (NYSE:MHP), connects people, projects and products across the design and construction industry. Backed by the power of Dodge, Sweets (http://www.sweets.com), Engineering News-Record (http://www.enr.com), Architectural Record (http://www.architecturalrecord.com/), GreenSource (http://www.greensourcemag.com), and Regional Publications, the company provides information, intelligence, tools, applications and resources to help customers grow their business. McGraw-Hill Construction serves more than one million customers within the $4.6 trillion global construction community. For more information, visit http://www.construction.com/.
About the Innovative Construction Research Centre (ICRC)
The Innovative Construction Research Centre (ICRC) is based within the School of Construction Management and Engineering at the University of Reading. It is funded by the Engineering and Physical Sciences Research Council (EPSRC) and is committed to collaborative research with the UK construction sector. The aim is to foster innovation, human resource development and an investment in advanced technology. www.icrc.reading.ac.uk
Further information is available by contacting Saul Townsend CIOB press and communications manager on 01344 630 766 – stownsend@ciob.org.uk.
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