Economics of the Construction Industry

The American construction industry, reponsible for nearly 4% of the nation's Gross Domestic Product, directly employs over five million people and provides millions of additional support jobs in related fields. This book provides an introductory overview of the economic aspects of the industry, including the historical development of building activity from earliest times to modern day market-based construction, including the work of individual artisans to complex construction unions. The book explores current trends in labor force participation; the measurement of industry performance; the determinants of investment; government involvement; competition; wage determination; training; and worker safety. Introduction; Chapter 1 The Historical Development of the Construction Market; Chapter 2 Economic Theory and the Construction Industry; Chapter 3 An Industry Overview; Chapter 4 Trends and Directions in the Construction Industry; Chapter 5 Construction Statistics; Chapter 6 Determinants of Construction Investment; Chapter 7 The Role of Government; Chapter 8 Productivity; Chapter 9 Case Studies and the Union/Nonunion Productivity Question; Chapter 10 Competition and Workplace Control; Chapter 11 The Determination of Wages; Chapter 12 Organized Labor and the Building Trades; Chapter 13 Construction Industry Training; Chapter 14 Safety Concerns; Chapter 15 Conclusions;