CHALLENGES IN CONSTRUCTION INDUSTRY

Abstract

Purpose- The purpose of this study is to research some of the major problems and challenges in the construction industry that need to be addressed and solved by various stakeholders. Factors influencing technology use in building construction project management Inadequate risk management, lack of structure, poor communication, unrealistic expectations/bad forecasting, delayed cash flow and limited skills. Methodology- The study employs a quantitative study to explore the construction industry for building a competitive advantage. Findings- The analysis reveals that the construction industry faces various challenges that can impact project delivery, productivity, and overall performance. there are some common problems in the construction industry. Construction projects often encounter cost overruns due to factors such as inaccurate initial estimates, changes in project scope, unforeseen site conditions, and fluctuations in material and labor costs. Budgetary constraints can lead to financial strain and project delays. Delays in construction projects can occur due to factors like poor project planning and management, inclement weather, labor shortages, regulatory approvals, and issues with subcontractors or suppliers. These delays can result in increased costs, contractual disputes, and dissatisfaction among project stakeholders. Construction sites are inherently hazardous environments, and ensuring worker safety is a critical concern. Failure to comply with safety regulations, inadequate training, lack of safety protocols, and inadequate risk assessments can lead to accidents, injuries, and even fatalities. Effective communication and collaboration among project teams, including architects, engineers, contractors, and subcontractors, are essential for successful project delivery. Inadequate communication, misinterpretation of project requirements, and lack of coordination can lead to errors, rework, and delays. Maintaining high-quality construction standards is crucial, but the industry often faces challenges in ensuring consistent quality control. Conclusion - based upon the analysis findings it may be concluded that the difficulties can turn to competitive advantage with better strategic planning, risk management, and management of resources. The construction industry has a very important role in many countries for Economic Development, Innovation, Technological Change, and Growth. Keywords: construction industry, competitiveness, opportunities, JEL Codes: M11, M10, O10