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An overview of the construction industry

The construction industry is elaborate and sustainable. The industry takes up 10% of all the money that is transacted in the world.
As an inaccurate assumption, it may be assumed that one in ten people in the world who are able bodied are involved with the construction industry in one way or the other.
The economy is driven by a range of factors, and the construction industry is one of them. Several among the economy’s internal processes are associated with the construction industry. The value of the construction industry for the development of social processes should not be underestimated.
Across Europe, the construction industry is among the most important economic sectors. It represents 50.5% of gross fixed capital formation and 10% of GDP. The construction industry also makes 20 million direct jobs available across the European Union.
The 2008 crisis deeply affected the construction industry in Europe. Greece was impacted more than any other country. Amid 2010 and 2013, Greece lost 80% of its construction industry. As for the remainder of EU, they also experienced an instant reduction in production. The reduction stood at -54.4% in Lithuania for 2009. In Austria and Germany, however, the levels of activity were more or less stable.
Right up to 2007, the volume of the construction industry across the EU had grown by the year. But, in 2008, the market experienced a sharp decline. The Euro crisis was the reason behind the same. A global economic crisis followed. This did render its effects across the construction industry in several European countries. In the phase following the crisis, the number of people employed in the construction industry reduced by 15-30%.
When we consider only Europe, 4,000,000 people left the construction industry, amid 2007 to 2013.
But, amid 2014 to 2018, 70% of these people made inroads back to the construction industry.
An interesting fact in this regard is that the European population grew by 15 million across the past two decades. However, during the same phase, 5 million people stopped working in the construction industry.
Let us take a look at some important stats regarding the construction industry. The work offset experienced a decline of 40.7% in April, 2020. This was about the time when the pandemic had set in. The figure has been rising since then, following the initial offset. The production also began to catch momentum by November 2020. One of the reasons for the same was the relaxed restrictions in the private sector.

The construction industry now seeks new features and updates

Nowadays, Big Data is used to systemize the upcoming information across the construction industry. Similarly, the value of Machine Learning has become indispensible for the prediction of time and cost parameters across the construction industry.
But Big Data and ML do not find sufficient application across the construction industry at this point in time. The decision makers are, instead, involved with solving the problems at hand and implementing BIM tools. These problems arise among the numerous contractors associated with the construction industry.
Automation and BIM tools are technologies for the current and the future as well. If a large construction firm refrains from using automation and BIM tools, the construction costs increase by 20%. This makes taking up new projects more difficult still.

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