Global Trends in the Construction Industry

Abstract

Construction industry is a labor-intensive industry contributing to the employment rate of the countries. The state of the country's economy and its construction industry are interdependent. An increase in the unemployment rate in the construction industry can have adverse impacts on the country's economy. Local markets are not local anymore. Even in the domestic markets, there is international competition due to the globalization. For this reason, global changes and new trends as challenges of employment in the construction industry need to be carefully analyzed due to their potential impacts on the employment rate and on the labor profile. This chapter covers construction industry's contribution to the employment rate of the countries; global trends as challenges of employment in the construction industry and as factors influencing professionals' skills needed in the construction industry; ways of adapting the construction workforce and professionals to the global trends in the construction industry.