Construction Economics

This unit introduces students to the fundamental principles of micro and macroeconomics, specifically tailored to the context of the construction industry. It explores how economic theories and methodologies can be applied to analyse and influence the operations and strategies of construction companies, the dynamics of the construction process, and the broader construction market. In this unit, students will develop an understanding of the economic factors that impact the construction sector, including market demand, supply mechanisms, and financial management.

Learning Outcomes

On successful completion of this unit, students will be able to:

1. Formulate feasibility studies for construction projects and business;
2. Arbitrate and assess the market mechanism (demand, supply and equilibrium process) for construction companies (including inter-state and international companies) and explore their influence on leadership dynamics and effective communication strategies within these businesses;
3. Compose and evaluate key financial accounting data (costs, revenues and pricing) to make strategic business decisions for construction firms;
4. Design and integrate key business strategies for the operation of construction businesses, including management, marketing, personnel and resources strategies; and
5. Elucidate the property development process, its investment risks and return on investment.