Construction economics focuses on the financial aspects of building projects, encompassing cost estimation, budgeting, procurement, and economic analysis. It involves researching market trends, labour and material costs, regulatory requirements, and project financing options. By applying economic principles, construction economists optimise resource allocation, mitigate risks, and maximise project profitability. Effective construction economic analysis ensures projects are delivered within budget constraints while meeting quality standards and stakeholder expectations. It plays a crucial role in decision-making processes, guiding project planning, execution, and management to achieve sustainable development goals and economic viability in the construction industry.
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