Time to rebuild construction
by Staff Writers
Adelaidew/, Australia (SPX) Jun 16, 2022
Leading world markets face similar problems in creating economically and environmentally sustainable construction industries, international researchers say in a new research article.
As China, Australia and other countries struggle to maintain construction industry stability, a new assessment led by Malaysia's Universiti Teknologi Petronas Civil and Environmental Engineering experts, with Flinders University, recommends fundamental changes to improve short-term and long-term viability.
A more sustainable approach to construction will tackle urgent environmental imperatives and, in the long run, stabilise major advanced economies to regular construction industry 'shocks' - as seen around the world this year, says Flinders University researcher Muhammad Ali Rabbani, who is based in Pakistan.
With construction forming a major plank of the developed economies of China, the US and UK, the research calls for:
+ Immediate action to halve fossil fuel emissions and improve production processes in design and recycling and energy efficiencies to help tackle the climate crisis;
+ Government and private sector policies and incentives to reskill and upskill labour and introduce new technologies in the post-COVID-19 period to meet shortage and reduce the cost of construction;
+ Find novel solutions to global material shortages including recycling, sourcing raw materials more sustainably, and using resources more efficiently; and
+ More control over bank lending, capital funding and wage policies within the construction sectors.
Of the three regions, the research modelling concludes that the US will become a leader in taking advantage of a more sustainable circular economy to rebound from current aftershocks to become a solid economic contributor to GDP.
And while construction accounts for almost 7% of China's GDP and up to 16% of the UK's economy, researchers warns the industry can lead to economic recession and increases in environmental degradation unless new measures are taken to create more sustainable development in future.
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