As China, Australia and other countries struggle to maintain construction industry stability, a new assessment led by Malaysia's Universiti Teknologi Petronas Civil and Environmental Engineering experts, with Flinders University, recommends fundamental changes to improve short-term and long-term viability.
A more sustainable approach to construction will tackle urgent environmental imperatives and, in the long run, stabilise major advanced economies to regular construction industry 'shocks' - as seen around the world this year, says Flinders University researcher Muhammad Ali Rabbani, who is based in Pakistan.
With construction forming a major plank of the developed economies of China, the US and UK, the research calls for:
+ Immediate action to halve fossil fuel emissions and improve production processes in design and recycling and energy efficiencies to help tackle the climate crisis;
+ Government and private sector policies and incentives to reskill and upskill labour and introduce new technologies in the post-COVID-19 period to meet shortage and reduce the cost of construction;
+ Find novel solutions to global material shortages including recycling, sourcing raw materials more sustainably, and using resources more efficiently; and
+ More control over bank lending, capital funding and wage policies within the construction sectors.
Of the three regions, the research modelling concludes that the US will become a leader in taking advantage of a more sustainable circular economy to rebound from current aftershocks to become a solid economic contributor to GDP.
And while construction accounts for almost 7% of China's GDP and up to 16% of the UK's economy, researchers warns the industry can lead to economic recession and increases in environmental degradation unless new measures are taken to create more sustainable development in future.
Research Report: Assessment of Economic Sustainability in the Construction Sector: Evidence from Three Developed Countries (the USA, China, and the UK
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