January 29, 2022

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Construction Industry Meaning and key Explanations

Construction Industry Meaning and key Explanations
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The construction industry is one important industry of every country. This industry is employed to build the infrastructure needed for the economic advancement of a country. More so, it helps build shelters for the poor and rich.

Definition of Construction Industry

The construction industry is an industry involved in providing residential and nonresidential facilities of a country. It is a subset of the assembly industry that connects different useful components, not to a single individual but the country at large.

Key Explanations

It involves building. The construction industry is about building an item. This could be a residential apartment and industrial estate. The task of the building is rigorous. It involves more manpower than any other industry. This is why this sector has more male employees.

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The construction industry provides all the basic infrastructure citizens and non-indigenes of a country need to ensure their business works smoothly. The sector builds roads, bridges, dams, electricity dams, rail lines, airports, seaports just to mention a few.

Roads and bridges help connect communities. Also, it links a state to another. This ensures easy movement of people, goods, and services in the country. Thereby, empowering businesses and the economy. Airports and seaports connect a country with another. This fosters international trade. Electricity dams and rail lines are also key to nation-building.

In summary, the construction industry is of two types. Residential and nonresidential types. Residential construction deals with the building of houses where individuals can stay with their family members. This could be a single apartment or an estate (with many houses in it). Nonresidential buildings include industrial buildings, office apartments, skyscrapers, bridges, roads, and more.

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This sector also repairs damaged buildings. For example, the current maintenance of the third mainland bridge in the Lagos state of Nigeria. In addition, repairs can be done on residential buildings. Such as changing the rooftop, re-painting, and other major tasks. This helps keep the building in shape.

Most construction companies work with the government. This means their business model is B2G (that is, business to government). They accept contracts from the government of a country. Next, they execute the terms in the contract within the speculated time. In Nigeria, most of these jobs are done by foreign companies with a branch office in the country. Two primary players are Julius Berger Plc and China Civil Engineering Construction Company (CCECC).

Conclusion

Construction companies help build the main infrastructure of a country. It connects communities, States, and countries through roads, bridges, airports, and seaports. Furthermore, they build residential apartments and offices.

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