Abstract
There has been an intense debate in the media and among academics on how the great financial crisis has affected the global economy, and how the effects have differed in different regions of the world. This survey was designed to establish to what extent the building industry has been affected by the GFC and the Euro crisis. Over the last months we have asked senior academics and executives in construction businesses what has happened up to now in their region, what will most likely happen in the near future and in the long term. The answer is that in developed economies the effect has been a substantial downturn as finances have dried up while in developing economies in most regions, demand has been sustained due to population growth with ever increasing needs for residential building and infrastructure. While there is some apprehension about the potential effects of the Euro crisis deepening, no-one seems really worried. In the long term there is an agreement, in developed and developing countries alike, that current business models do not work and that the industry has to reinvent itself to be sustainable.
Highlights
This year the AJCEB has asked a global sample of senior construction academics and corporate executives for their views on the recent past and near future of the industry in their respective countries
There has been an intense debate in the media and among academics on how the great financial crisis has affected the global economy, and how the effects have differed in different regions of the world
Vocational training for trades in the building and construction industry in India would get a push. All this would lead to better quality delivery of end product. This leads us to China where all is well, but where there may be some dark clouds on the horizon: China's construction market has been booming over the last three years, for some time everyone has predicted that the global economy will cause a de Valence, G and Runeson, G (2011) ‘On the state of the building industry after the GFC and the Euro crisis’, Australasian Journal of Construction Economics and Building, 11 (4) 102-113
Summary
This year the AJCEB has asked a global sample of senior construction academics and corporate executives for their views on the recent past and near future of the industry in their respective countries. This leads us to China where all is well, but where there may be some dark clouds on the horizon: China's construction market has been booming over the last three years, for some time everyone has predicted that the global economy will cause a de Valence, G and Runeson, G (2011) ‘On the state of the building industry after the GFC and the Euro crisis’, Australasian Journal of Construction Economics and Building, 11 (4) 102-113
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