The construction sector of an economy plays a very important role in its growth and development. The rate of growth of the construction industry has a direct impact on the economy of a country and influences and enhances the economy concerning global economies. The construction industry involves a huge profit and simultaneously huge risk, but the profits and likely rewards commensurate the risk taken. It is comprised of a variety of people. Owners, architects, engineers, managers, consultants, investors, contractors, prime as well as sub-contractors, suppliers, etc are the few important members of the construction industry. The right kind of all these members is essential for any venture or project to be successful. All the countries try their best to grow this industry as much as possible. Even in India, over the years companies have emerged. Residential construction services are widely available in the market.
Construction involves both new developments as well as existing repairs or renovations. There are three types of construction projects. The first one is residential projects which are concerned with houses, flats, garages, etc. The next one involves non-residential projects like stores, schools, hospitals, etc. The third and final one includes engineering projects like bridges, roads, etc. These main projects further include sub-industries in them like interior designing, plumbing, electrical wiring, etc. Based on ownership construction projects can also be divided into public or private. As the name suggests public projects are those which are undertaken by the government for social welfare or development of the economy. Whereas private projects are undertaken by private owners using their private funds.
Since ancient times man is undertaking construction activities using primary materials like stones, bricks, etc. With time these developments kept on improving. Today the scenario is a whole different. New materials, new methods, and techniques, new concepts, are used for developments. These developments even allow us to withstand natural calamities. Now buildings are as high as the sky. The construction industry has all together gotten very advanced and upgraded.
In India, the construction industry is the second largest industry contributing 10% to the gross domestic product of the country. Here it helps in the growth of other industries like irrigation facilities, roads, buildings, railways, malls, etc. They help in solving the problems of unemployment by employing many workers. It is carried out on a contractual basis. Different contracts are given to people to carry out a particular project. The growth of the construction industry in India has been remarkable. Every city in the country has one or the other project under development. Thereby improving the face of the country’s development. Residential building construction services can be used to construct the houses of the desired designs.
Recent trends in the construction industry involve the use of efficient-improving technology. Mobile technology is used to keep track of the construction and safety of the projects. Building information modeling is done to prepare a virtual image of the project of how it would come out to be. It helps in making accurate judgments. Construction management software is now being used to monitor the cost, profits, rate of return, etc. This ensures the profitability of the projects.