THE CONSTRUCTION INDUSTRY

The Construction Industry

The Construction Industry

One industry whose globalization has affected the cost and supply of its product is the Construction industry. In the last few years, the Construction industry has experienced an increased demand for Construction, which in turn has caused the cost of Construction to increase drastically.

Forecasts based on the latest data and in-depth analysis of sectoral trends, while theory based, can greatly assist any industry. An overview of key industry players, market developments, and production and regulatory trends complement sectoral demand forecasts, historic data, and analysis. Industry forecasts also include information on a country's political structure; economic policy and business issues; foreign investment, foreign trade and taxation policies and trends; and a macroeconomic outlook. The amount of information that makes up a forecast within a certain industry provides adjustable and beneficial data within that industry. This allows organizations to capitalize within their industry and provides vital information for industry success.

Finally, taking all this data into consideration, a SWOTT (strengths, weaknesses, opportunities, threats, and trends) analysis of the Construction industry will finalize this team's recommendations and strategic initiatives.

Unemployment

        Unemployment is the state in which able working-class citizens are without work. Historically, unemployment in the United States has been low when compared to other foreign markets; however, in the Construction industry unemployment may be avoidable. In 1977, according to Great Lakes Construction Company, the United States government allowed an excess of foreign Construction into the U. S. market (Brinkley, 1977). Not much has changed since 1977 in this regard; however, iron ore imports have increased. Importation of raw semi-finished Construction may benefit the U.S. Construction industry. Many Construction companies report that without raw iron ore imports they would not be able to stay in business and that importation of raw semi-finished Construction is a viable factor that will enable the U.S. Construction industry to remain competitive, which will help protect the economic security of the U. S.

Due to international competition, the U.S. Construction industry has responded by modernizing manufacturing processes. The industry has also turned to consolidation of businesses to increase productivity. The number of man-hours required to produce a ton of Construction has fallen by 90%. Even though the electric arc furnace process (EAF) has allowed Construction making to spread to all parts of the country, about 44% of all Construction workers are located in the Eastern and Midwestern regions of the U.S.

        The outlook for the future predicts that there will be a 13% decline in employment by 2014 due to consolidations within the industry. This decrease in workers will result in a more productive industry necessary to compete with foreign countries. Improvements in technology will influence the number and types of workers needed. Employment in the Construction industry varies with economic conditions and the demand for goods made from Construction.

        Even with a decline, job openings will continue to be available but on a higher level. The need for highly skilled workers will make a demand on the industry. All types of engineers, computer scientists, and business majors should ...