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The construction industry includes architectural services, the physical processes of building, infrastructure development, civil engineering, the assembly and installation of prefabricated components and equipment, and repairs and maintenance for already built structures. The type of construction depends on various factors like the total proposed budget, desired output features, size, time for completion, and the technology used.
The total value of the construction sector globally in 2015 was $4,900 billion. Related to a world population of more than 7.3 billion in 2015 this equates to about $671 per person per annum. Given that World Domestic Product was approximately $73.5 trillion in 2015, the market makes up about 6.7% of the global economy. Construction is one of the world’s largest employers. In the USA, the construction industries employed approximately 7 million individuals annually during 2002-2012.
The nature of business in the construction industry is ever changing. Contractors are adding innovations to every business segment. They are using more green materials, becoming more strategic, embracing change and are building closer relationships with their customers. Competitors in order to survive in this market have to constantly keep upgrading themselves with the latest technology.
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