Question

TASK 1: THE IMPORTANCE OF CONSTRUCTION INDUSTRY IN THE ECONOMY

• THE IMPORTANCE OF CONSTRUCTION INDUSTRY IN THE ECONOMY

• Explain in detail the Role of Construction Industry
• Explain in detail the contribution of the construction Industry in economic growth in terms of:
  • Employment
  • Foreign Investment
  • Tourism
  • The growth of other industry

Answer 1

Role of construction industry in economic growth:-

Employment:- Construction industry is a growing industry. A large number of constructions are done on routine basis. For large construction large number of employee like Civil Engineers, supervisors, staff and labour are needed. Therefore construction industry provides josto many people and help in GDP growth of any country.

Foreign Investment:- Larger projects will attract Foreign investors for investing in the projects. Larger projects give long term benefits therefore Foreign Investors are interested in investing in project for which they are given shares of profit of project. Foreign investment will fulfill demand of the money for project and less burden on the economy of country and will also help in economic growth.

Tourism:- Construction industry now a days is making some awesome creatures which attract people for tourism. For example people visit all old monuments which are antique and if construction industry makes nore interesting items then more tourism will be there.

Growth of other industries:- In construction material like cement sand aggregate steel and many more are used. More is construction more will be the requirement of the materials and more will be the growth of industrues producing these items. Which in turn help in economic growth of a country.