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Abstract(s)
The contribution of the construction industry to the national economy
and its role in socio-economic development has been addressed by various
authors and international organisations, and many of them have focused on
developing countries. A partieular feature is that construcrion is the only
sector Df the economy char appears twice in the national accounts Df any
country: as a major component of fixed capital formarioo and as a secror
that contributes to the gross domestic product (GDP) (Hillebrandt, 2000).
Historical reviews point to the importance of construction in the process cf
industrialisation and urbanisation that followed the advent of the industrial
revolution in western and northern Europe and other parts of the globe. As
regards the associarian between construction and economic growth, several
writers (Strassman, 1970; Turin, 1973; World Bank, 1984; Wells, 1986;
Bon, 1990) have analysed the changing role of the construction industry
ar various stages cf economic developrnent and presented a developrnent
partem for the industry based on the stage of development of a country's
economy. One of the main features drawn from these works is the common
assumption that directly relates the measures of construction output to a
country's levei of econornic developrnent. Furthermore, in chis view, the
construction secror, as a major component of a country's physical capital,
plays a determinant role in the development process.
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Citation
Lopes, Jorge (2012). Construction in the economy and its role in socio-economic development: role of construction in economic development. In Ofori, George (ed.) New perspectives on construction in develops countries. Cib. p.41-71. ISBN 9780415585729