Abstract: Abstract : This paper seeks to define the construction industry, understand current conditions, and determine industry trends as they relate to the generation of US national power. It reviews several challenges confronting the construction industry and the role of government in overcoming these challenges. Four essays are included to provide a deeper examination of several issues. The construction industry is a powerful engine for the U.S. economy; as a basic industry, it provides the infrastructure that creates strength and stability in our national Gross Domestic Product (GDP). The industry is composed primarily of many small companies specializing in local work. The few large firms concentrate on the mega projects both domestically and internationally. The success of both sectors is vital to our national interests. The vitality of small businesses in the construction industry creates jobs, fuels the economy, and enhances the quality of life for all Americans. Meanwhile the ability of the large US firms to compete globally is an essential element in our projection of national power overseas. In 2004, construction continued to track towards a healthy and moderately profitable industry despite clouds looming on the horizon. The major source of growth in the US market has been in the residential sector. The growth in the residential construction outpaced growth in the other sectors of the industry although rising interest rates may put a damper on this trend. A rise in non-residential construction should offset the decline in residential building and allow the industry's growth to continue. Challenges facing the construction industry in the future include a slowing economy due to rising interest rates, chronic shortages of skilled and semi-skilled labor, and increasing prices for fuel, health insurance, and construction materials. Overall, the industry should remain healthy in 2005 and is capable of surging to meet critical national security needs.
Publication Year: 2005
Publication Date: 2005-06-01
Language: en
Type: report
Indexed In: ['crossref']
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