Construction Market Research Articles

Purpose Our research augments the expanding body of literature concerning the capability of prevalent Large Language Models (LLM) tools in supporting financial professionals. We introduce a framework to leverage ChatGPT to assess market sentiment through the analysis of social media data. Design/methodology/approach We use the LLM models to construct market sentiment indicators based on Twitter tweets and use those indicators to explain Bitcoin return. Findings Our analysis uncovers that sentiment indicators crafted with ChatGPT4o/ChatGPT3.5 significantly affect Bitcoin returns, even when accounting for a broad array of control variables and other pre-established sentiment indicators. Originality/value These insights imply that ChatGPT4o/ChatGPT3.5 could empower financial professionals to discover sentiment information from Twitter tweets that were overlooked by previously introduced sentiment indicators concerning Bitcoin.

Introduction. The ceramic face brick, which comes with a range of surfaces, shapes and color palettes, is highly sought in the Russian construction market. Engobing is an effective method of color decoration of ceramic bricks, however, an individual selection of an engobe composition for each type of product in a factory setting is critical considering a raw material base used, production modes and a necessary aesthetic solution. In the context of import substitution, the issue of replacing European manufacturers of decorative coatings and organizing the manufacturing of engobes at Russian enterprises has gained relevance. The aim of the study is a comprehensive investigation of the engobing method in order to obtain face bricks with high aesthetic characteristics, stable performance and its introduction into production in view of the domestic construction market.Materials and Methods. For the experiments, two types of 1NF face bricks with a smooth surface were selected as the basic products for applying an angular layer: red and brown one produced by means of the plastic molding technology. The compositions of engobes for decoration were developed using frit from the Dulevsky Paint Factory in three main colors: whitebeige, brown and graphite. Laboratory studies of engobe coatings, semi-industrial tests of compositions with various options for applying to bricks, as well as of the properties of finished products were performed as part of the research.Research Results. As a result, 8 compositions of engobes were developed and approved that after burning provided a defect-free and durable coating of the spoon and poke surfaces of the bricks, and methods of applying engobes were set forth for aesthetic expressiveness of the product itself as well as the brickwork.Discussion and Conclusion. One of the brick factories in the south of Russia was tasked with developing non-ferrous cast compositions considering studies and analysis of global trends in brick design and consumer demand as well as with decorating ceramic face bricks in production conditions. These experiments were successfully implemented in production, which boosted the volume of products sold in the construction market of the south of the Russian Federation, expanded architectural and design possibilities for new planning solutions. The results obtained in the field of brick color decoration are in alignment with the factory parameters, marketing goals as well as economically profitable allowing for expansion of the range of manufactured and sought products in the domestic construction market.

This article investigates the use of steel in heritage buildings. Its case study is the building that houses the Janete Costa Museum, designed by Mauro Costa Santos and opened in 2013. Listed as a heritage site in Niterói, the building underwent a restoration and expansion process, in which steel played an essential role in reconciling preservation and modernization. Its purpose is to analyze the structural recovery of these two historic buildings (twinned), which were transformed into a museum, with the aim of investigating the used intervention methods and how the use of steel helped and enhanced the modifications that were made. It analyzes the interventions carried out, highlighting the application of the main restoration theories, with an emphasis on Cesare Brandi’s theory. It demonstrates its relevance in architectural revitalization and the use of steel. It investigated the forms of intervention employed and how steel enhanced the structural modifications to provide stability, functionality and preservation of the historic building. In addition to its strength and versatility, steel is a sustainable solution that is aligned with the principles of reversibility. It also reduces waste, minimizes the need for new materials and allows the space to have large spans and the expected contrast between old and new. It is expected that this study will contribute to encouraging new research and expanding the adoption of this approach in the construction market, in order to promote interventions compatible with the preservation of architectural heritage.

Abstract. Indonesia is experiencing significant development in the infrastructure sector with a projected construction market growth of 5.48% by 2025. This trend is driving the increasing demand for project tool leasing as a cost and time efficient solution for small to medium-sized contractors. PT. Mitra Kuli Indonesia (Mitrakuli.id) is a newcomer in the project equipment rental business in East Java, especially Malang City. However, as a new brand, the company faces challenges in building a loyal customer base. Sales data shows revenue instability, which is allegedly caused by increased competition in the industry. Competitors fall into two categories: legacy companies that rely on Word Of Mouth (WOM) and new companies that leverage digital marketing. Previous studies have shown that Word Of Mouth plays a significant role in building customer trust, while digital marketing allows new companies to reach a wider audience and increase customer engagement. With so many competitors, Mitrakuli.id need to increase Brand Awareness to stay competitive. This study aims to analyze the influence of Word Of Mouth and Social Media Marketing on the decision to purchase project equipment rental services, with Brand Awareness as an intervening variable. The results of the research are expected to provide strategic insights for the industry in designing marketing strategies that are more effective and relevant to current market conditions.

This article aims to conduct a comprehensive study of the economic and logistical factors that determine the formation of the final price when abandoning multi-stage intermediary chains in favor of the factory-to-site model. The relevance of the work is due to the high level of cumulative markups in the classical supply scheme, especially for developing landlocked markets, where transport and warehousing costs multiply the price of building materials and hinder the introduction of innovative solutions in infrastructure projects. The novelty of the research lies in combining quantitative analysis of marginal markups (using the Lerner index and PPI data), logistical assessment of hidden costs (according to UNCTAD and SCFI data), modeling of currency effects based on historical exchange rates, and practical case analysis of pilot projects in Kyrgyzstan, during which empirical confirmation of the claimed savings was obtained. As a result of a comparative analysis of the traditional and direct supply models, it was found that eliminating national distributors, wholesale warehouses, and retailers ensures a reduction in the final cost of supplies by 30–40 % through the removal of the accumulated markups at each link. Additional savings are achieved through factory cutting of materials to order size, just-in-time delivery, optimization of warehousing and installation operations within a lean approach, as well as the use of currency risk hedging instruments. The factory-to-site model demonstrates high transparency of cost structure and scalability of the methodology to neighboring markets, which is confirmed by an increase in annual turnover from $0.5 million to over $6 million with supply volumes increasing up to 100,000 m². The article will be useful for procurement managers, logisticians, investment analysts, and government specialists in the regulation of the construction market.

Credit supervision of practitioners in the water conservancy construction market, a vital pillar of national infrastructure development, significantly impacts project safety and the maintenance of order in the industry. From the perspective of indirect supervision, this study constructs a tripartite evolutionary game model involving government departments, enterprises, and practitioners to analyze the dynamic evolution mechanism of credit supervision. By examining the strategic interactions among the three parties under different regulatory scenarios, we identify key factors influencing the stable equilibrium of evolution and verify the theoretical conclusions through numerical simulations. The study yields several key insights. First, while government regulation and social supervision can substantially increase the likelihood of practitioners’ integrity, relying solely on administrative regulation has an efficiency limit. Second, the effectiveness of the reward and punishment mechanism of the direct manager plays a crucial leveraging role in credit evolution. Lastly, under differentiated regulatory strategies, high-credit practitioners respond more strongly to long-term cost optimization, while low-credit practitioners are more effectively deterred by short-term, high-intensity disciplinary actions. Based on these findings, this study proposes a systematic governance framework of “regulatory model innovation–corporate responsibility enhancement–social supervision deepening.” Unlike previous studies, this framework adopts a comprehensive approach from three dimensions: regulatory model innovation, corporate responsibility enhancement, and social supervision deepening. It offers a more holistic and systematic solution for refining the credit system in the water conservancy construction market, providing both theoretical support and practical approaches.

In Russia, there is an increasing concern about the need for relocation from old housing that does not meet modern standards of living and is considered to be in emergency or dilapidated condition. The share of such housing continues to grow every year, making it one of the most significant challenges of modern housing policies. To address this issue, it is essential to develop effective strategies for maintaining the technical condition of existing buildings or constructing new ones. One promising approach is the use of steel modular structures, which are versatile, quickly assembled, and disassembled units that can be used for a variety of purposes. This innovative technology has many advantages and is becoming increasingly popular worldwide. The prefabricated and modular construction market in Russia is also growing rapidly, providing a promising avenue for addressing the housing shortage and improving living conditions for citizens. By adopting this approach, the country can create a more sustainable and efficient housing system that meets the needs of its citizens. However, like any other technology, steel modular construction has its weaknesses. One of these is that buildings constructed with a metal frame and malleable nodal joints may not meet the standards for dynamic comfort. The authors propose a potential solution to this issue, which involves the development of a special type of metal bolted nodal joint. They also compare different modeling methods for this joint in rod and plastic formulations. Based on the results of their research, a computational model of a modular building was created using the proposed nodal connection. The model was then tested to ensure that it meets the current standards for dynamic comfort. Further research is needed to improve and develop this approach. Recommendations for future studies in this area are provided.

The initial premise of identifying the main trends in the development of the construction market is the decomposition of types of construction products. Its turnover is ensured by the norms and rules of functioning of market mechanisms. Their main task is to prevent a conflict of economic interests between participants in investment and construction activities and to ensure conditions for conflict-free construction in relation to all types of capital construction facilities. Statistical analysis of construction disputes makes it possible to highlight not only the methods of their resolution, but also the problem of their prevention, that is, to use preventive mechanisms to resolve contradictions in the economic interests of participants in investment and construction activities. The discussion of the problem and methodological tools for its solution made it possible to identify a number of chronic contradictions in the modern market turnover of construction products, as well as to establish basic measures to ensure the safety of the construction market, the stability of market mechanisms, the viability of market structures, ensuring social balance, the structure of inclusive business rules, etc. The practice of numerous judicial proceedings has shown that mediation consulting of participants in the real estate market at all stages of its life cycle should be institutionalized as soon as possible. In this case, non-production time losses can be eliminated, the synergy of the implementation of investment and construction cycles can be released, and the conditions for the occurrence of unfinished construction can be eliminated.

The study reviews the current situation in the Russian housing construction market under declining demand and less affordable mortgage lending, sanctions and increased Central Bank key rate, as well as high inflation conditions. The study uses the methods of comparative and statistical analysis, as well as systematization of theoretical and practical material. The analysis is based on the data of 2019–2024 from the Unified Information System for Housing Construction and the Federal State Statistics Service. The federal district leaders for commissioning residential buildings are presented. In addition to the current state of housing construction and prospects for its development, we analyze the reasons for the active industrial growth independent of the pandemic, sanctions, and high inflation. The focus is on the effect of cancelled preferential mortgages, increased key rate by the Central Bank, as well as the population demand and affordable mortgage lending. The reasons for the decrease in issuance of housing mortgage loans are considered compared to previous periods. Amendments to the legislation in the construction industry are listed and commented. The performed study identifies factors negatively affecting the development of the construction industry and provides possible measures to support housing construction.

The article provides a comprehensive study of the criminal-legal aspects of determining the subject of a criminal offense in the sphere of functioning of the construction market. It is emphasized that the construction industry of Ukraine, as one of the key sectors of the national economy, is at the same time one of the most vulnerable to criminal attacks due to the combination of large-scale circulation of financial and material resources, a complex system of licensing and regulatory procedures, numerous participation of public and private entities, as well as a high level of corruption risks. It is noted that in the conditions of modern transformation of the construction market, a clear definition of the circle of persons who can act as subjects of criminal liability becomes relevant. The paper analyzes in detail the general and special features of such individuals. The legal status of officials of state authorities and local self-government bodies authorized to make decisions in the field of construction, heads of contractors and subcontractors, engineering and technical personnel, independent experts, supervisors, as well as other participants whose activities directly or indirectly affect the quality and safety of construction work is considered. Typical criminal offenses characteristic of the construction industry are analyzed, in particular: abuse of power or official position, official forgery of documents, fictitious entrepreneurship for the purpose of legalizing funds obtained by criminal means, non-compliance with safety requirements, which poses a threat to the life and health of citizens. Special attention is paid to the problem of latency of such crimes, which are often hidden behind formally legal documentation or are committed in collusion between several subjects. In this regard, the need to identify signs of organized criminal activity in the construction sector, including financial schemes of tax evasion, collusions during state tenders, manipulations with technical conditions and certificates, was noted. The potential role of legal entities as subjects of criminal legal influence is revealed, which is especially important in the context of the development of the institution of criminal liability of legal entities in Ukraine.

The relevance of the study is determined. The goal has been achieved to present the results of geospatial analysis of the condition and features of the functioning of construction enterprises in the regional aspect. To achieve this goal, the tasks were solved: formation of directions of conducting geospatial analysis of the state and features of the functioning of construction enterprises in the context of regions; Implementation of geospatial analysis for characterization of the state and features of the functioning of construction enterprises and the construction of geoinformation monitoring maps. As a result of the study, geoinformation monitoring maps of the functioning of construction enterprises in the context of regions are constructed. This made it possible to visualize the directions and trends of changes in the indicators to respond to negative phenomena and to make sound management decisions. It is established that the low level of information support of the total area of ​​residential buildings at the beginning of the year in 7 regions, which reduces the efficiency of construction enterprises. It is determined that in Vinnytsia, Zhytomyr, Transcarpathian, Ivano-Frankivsk, Kirovograd, Poltava, Chernivtsi regions the growth of the total area of ​​residential buildings, which indicates an increase in activity in the construction market in these areas. This is due to the removal of the presented regions from fighting and their internal capabilities. In addition, in most regions there is a decrease in the presented index, characterized by the consequences of aggression of the Russian Federation, internal and external disproportions and problematic economic issues. In most regions there is an increase in the index of changes in the total area of non -residential buildings at the beginning of the year. Only in Donetsk and Lugansk regions there is no information about the formation of the appropriate indicator, in the Kherson and Chernivtsi regions - the index is reduced. Most regions have also been found to have negative trends in the number of apartments in residential buildings at the beginning of the year. As a result of geoinformation analysis, the need to change the trajectory of the functioning of the construction enterprises and the use of modern economic instruments and mechanisms to ensure their development is determined.

In modern conditions, the issue of qualification and legal registration of development is becoming increasingly important. The development projects have long been part of the economic practice. However, the absence of codification in OKVED classifier (Russian Classification of Economic Activities) makes it difficult for it to be effectively supported and regulated by the government. The purpose of this work is to substantiate the need to distinguish development as a separate type of activity, analyse possible changes aimed at regulating investments and project management for Objects of Cultural Heritage (OCH). The research implements the method of scientific dialectics, a systematic approach, the analysis and synthesis of theoretical development and regulatory documents. The article examines the specifics of development, including its complex, project-based nature, and suggests specific formulations for OKVED classifier and urban planning legislation. Therefore, the legalisation of development as a special type of activity stimulates an increase in investment activity, establishes the preconditions for the development of the construction market, and promotes a systematic preservation and adaptation of OCH.

Our present is developing rapidly, and various industries are facing a number of challenges. Ecosystems in construction create the basis for effective, innovative, and sustainable development of the industry. The concept of a "business ecosystem" is characterized. It is noted that the ecosystem allows for effective cooperation between different players, reducing costs, improving the quality of services, and optimizing processes in construction. The purpose of the article is to update the role of the business ecosystem in construction, determine its main characteristics, advantages, challenges, and main components, as well as analyze how the introduction of new technologies will affect the management of this ecosystem. The main problems that participants in the business ecosystem in construction may encounter are analyzed. The article considers the features of the formation of these ecosystems in construction and their main characteristics. The main components of the business ecosystem in construction are substantiated and schematically presented. The main advantages of building relationships between business ecosystem participants that contribute to their development and success are highlighted. Emphasis is placed on the introduction of new technologies for effective management of business ecosystem development; for example, BIM (Building Information Modeling) is a technology and methodology for the process of creating and managing digital models of construction objects throughout their life cycle. The advantages of using BIM in construction are considered. For successful management in the construction business system, in addition to the introduction of new technologies, understanding the main aspects of management remains important; therefore, a description of these aspects is presented. Creating an entrepreneurial climate, based on successful examples of the implementation of business ecosystems, and reducing barriers to entry and operation in the construction market is a priority for the national policy of the country as a whole. Successful business ecosystem practices implemented in the construction industry are proposed, which are an important factor for optimizing processes, integrating technologies, and reducing costs at all stages of the life cycle of construction objects. The conclusion is drawn that the management of the development of the business ecosystem in the construction sector creates the basis for the effective, innovative, and sustainable development of the industry, ensuring the competitiveness of the construction sector in the conditions of digitalization. The use of the latest technologies is one of the key components of this ecosystem, which contributes to more effective management of the business ecosystem as a whole, and the analysis of examples of successfully implemented business ecosystems opens up new opportunities for the construction sector.

Subject. The article addresses the transformation of requirements for participants in housing development related to changes in legislation. Objectives. The study aims to make a retrospective analysis of the impact of new requirements on project participants in house construction, and the key interest rate on mortgage lending in the Russian Federation. Methods. The study rests on analytical, statistical methods, and comparative analysis. Its methodological basis was formed by the works of Russian scientists devoted to housing development in Russia through the mechanisms of project financing. It also employed relevant acts and documents of federal executive bodies of the Russian Federation, the data from the Bank of Russia, Rosstat. Results. The paper reveals the specifics (terms) of escrow accounts opening that are required in shared housing construction financed by bank loans. It provides the dynamics of the number of developers using escrow accounts, construction of housing projects, and their commissioning, presents the comparative analysis of the key rate impact on investment project implementation in the context of its volatility; comparative analysis of average market value of one square meter of total floor space of residential premises by federal district. Conclusions. There is an important connection between changes in the key rate and the volume of borrowed funds attracted by developers and equity holders for housing construction project implementation. This indicates that changes in the monetary policy can significantly affect the real estate market. The article is a comprehensive study of factors influencing the development of the housing construction market in Russia, including economic and legal aspects.

PurposeMarket intelligence is essential for enhancing contractors' competitiveness. However, the specific types of information that contractors should prioritize when gathering intelligence to improve efficiency remain underexplored. This study aims to identify the most critical market intelligence information (CMII) that contractors monitor to capitalize on potential opportunities.Design/methodology/approachA sequential exploratory mixed-methods approach was employed to generate measurements for the questionnaires, with the final analysis conducted using fuzzy synthetic evaluation (FSE).FindingsThe exploratory factor analysis identified four categories of CMII: construction market dynamics, government policies, economic growth indicators, and environmental sustainability issues. The FSE analysis ranked construction market dynamics as the most critical.Research limitations/implicationsThe study population was limited to large-scale contractors, and the naming of the CMII was subjectively determined, which may not fully capture the complexity of the underlying relationships among the variables.Practical implicationsClassifying market intelligence information based on criticality will enable contractors to focus on the most essential information, thereby saving time and reducing costs when gathering intelligence. In addition, the results of this study contribute to the existing body of knowledge on market intelligence by identifying the most CMII in the Ghanaian construction industry.Social implicationsBy highlighting the most CMII, the study can assist medium-sized and smaller contractors in identifying and competing for market opportunities. In turn, this may help to reduce the dominance of a few large firms, promoting fairer competition and broader access to project opportunities.Originality/valueThis study is the first to explicitly and systematically examine CMII within the construction industry.

Since the enforcement of Law 98/2016 on public procurement in Romania, the inclusion of price adjustment clauses in construction contracts has become a standard practice. This paper, which presents a comprehensive analysis of the financial implications of eight adjustment formulas applied to public construction projects executed over three durations (12, 24, and 36 months) between 2018 and 2024, is a significant contribution to the field. A comparative analysis using objective indices published by Romania’s National Institute of Statistics reveals the impact of inflation and cost variations on adjusted contract values. Three scenarios, each starting in different years (2018, 2020, and 2022), are explored to determine the sensitivity of the formulas to market fluctuations. Results show that by applying the eight adjustment formulas, only two formulas tend toward annual inflation. The indices used by the construction branch are not correlated with yearly inflation, and when no advance payments are granted, they offer a reliable basis for economic equilibrium in public contracting. The study guides the selection of appropriate adjustment models to manage financial risk in a volatile construction market, providing valuable insights for academics, researchers, and professionals in civil engineering and public procurement.

The article considers the relevance of the issue of the influence of massiveness of structural elements of a building on its energy saving in the context of modern requirements for energy efficiency and sustainable development. The ability of massive structures to accumulate thermal energy, reduce the amplitude of daily temperature fluctuations in the premises and reduce peak loads on heating and air conditioning systems is analysed. The main physical parameters of building envelopes that have a significant impact on their thermal properties and energy consumption are considered. The thermal performance of building envelopes in accordance with EU standards and current national standards is summarised. A comparative analysis of buildings with different types of building envelopes is carried out, in particular, in terms of heat loss, structural inertia, microclimate stability in different regions and with different types of climatic conditions. The influence of climatic conditions and building orientation on the feasibility of using massive solutions in the design and construction of buildings is considered. The main characteristics of current and popular wall materials and their thermal properties, which are used in Ukraine and are leaders in the construction market, are considered. The key factors influencing the choice of the type of construction in terms of energy saving are highlighted: functional purpose of the building, mode of operation, materials of structural elements, availability of energy storage systems and economic feasibility.

The article discusses the economic aspects and perspectives for the development of low-rise construction in the context an oversaturation of the market with apartment buildings. The purpose of this study is to identify the economic aspects, parameters and properties that affect the development of low-rise construction in order to identify its growth prospects, taking into account existing challenges and opportunities. It is important to note additional changes in the housing low-rise real estate construction market caused by turbulent circumstances and crisis phenomena in the economic space, which can affect decision-making among potential, future users of facilities and persons of the construction sector involved in the implementation of development projects at various stages, phases and stages of the life cycle. The author analyzes current trends in the construction industry, providing statistical data on the share of individual housing construction in the total volume of housing commissioned and other results on the indicators. The paper also examines the key problems faced by developers: high infrastructure costs, difficulties in localizing projects, as well as a lack of regulatory regulation and high costs of connecting to resource supply networks. The research results are aimed at developing a methodological block of management tools, taking into account the territorial and sectoral indicators of the modern economic space. The paper presents the following author's developments: a matrix of determinants of the development low-rise housing construction; a model for the implementation of conceptual solutions in the areas strategic development and management of residential housing in the modern economic space; a scheme for comparing differences in management paradigms of residential housing.

Abstract The article presents the results of original research on wall connections made of autoclaved aerated concrete subjected to shear with bending. The shape of the test element and the test stand layout were innovatively selected based on the author’s research, a literature review, and numerical analyses. The study examined crack morphology and failure mechanisms, comparing load-displacement relationships for different types of connections. The obtained results were referenced against those from a reference model featuring a traditional masonry bond. In other test models, the connection was formed using steel connectors. For wall connections without a masonry bond, commonly available steel connectors from the construction market and a proprietary metal plate were used. The study demonstrated varied cracking and failure mechanisms, as well as significant differences in the behavior and load-bearing capacity of each connection type. The obtained results encourage further analyses to refine connections and explore new construction methods for wall joints.

Abstract Like all other fast-growing lower- income countries, Bangladesh is also experiencing rapid urban growth and fast construction is a dire need. The Global trend of utilizing shipping containers for construction in Bangladesh also follows the trend. Bangladesh has abundant used shipping containers due to export-import through major seaports and strategic geographical locations. Recycled shipping containers are mostly used for commercial, retail, and business purposes rather than residential use in our contexts. However, studies focusing on shipping containers in lower- income countries are limited. Some Research focuses on an economic perspective and others based on sustainability. However, studies on the design aspects of shipping containers for commercial purposes are rare. This research examines the potential use of shipping containers for commercial purposes, focusing on the Design Statement, Modularity, Eco-friendly features, Customization, Cost-effectiveness, Renewable resources, Thermal Performance, and Strength. We seek to contrast conventional views and reveal new insights into their viability for larger-scale implementation through the case study of three commercial projects in Dhaka through a mixed-method approach. Systematic observation of spatial layout during field and questionnaire surveys was conducted to collect data. The results were analysed through inferential statistical analysis of the questionnaire data and comparative analysis of the observation data. This research will help architects and engineers comprehend the design scope using shipping containers for the fast-expanding construction market.