The construction sector is one of the biggest industries in the world after agriculture. The reason why it is the second greatest industry in this time is that the evolution of apparent world takes place by this sector and has been continuing for many centuries. The more a nation is intellectual, the more its construction sector seems better.
It has five primary sectors that are,
- Heavy civil
These primary sectors cover all the aspects and sub-types of this sector.
Why the construction sector is so important?
This sector helps a nation to achieve its socio-economic objectives. It is one of the greatest sources for a nation for its economic rise up and stability. It provides multiple employment opportunities and a big cause of human development. In addition, it uplifts many other sectors of the world that are directly or indirectly associated with this sector.
Despite the multiple positive impacts of this sector, yet it has 2 key factors that are playing a major role in the global village.
- Impact on human development: The civilization of a nation defines its intellectual level. In this context, it diverts the mindsets of people towards the positive goals to do something better. In this way, it creates a competitive environment globally which urges all the nations of the world to do something better. Hence it causes human development at the world level. It creates creative thinking in people to understand how can they use their resources in a better way.
- Impact on the economy: The economy of a country is the abstract of the mutual effort of its people. The valuable contribution of this sector in our lives persuades us to expand it further. Every piece of real estate and infrastructure that we see all around us is made under the construction industry.
As construction sector is an investment-led sector and government shows high interest in the investment sector. So, it urges the government to invest in it in different forms like educational buildings, health buildings, dams, roads, factories; which in turn produces job opportunities for people on macro and micro scales, for these purposes, government contacts with good construction industries.
The construction sector is diversified in nature. It involves various clients like material suppliers, property builders, property developers, and contractors. Well-constructed infrastructure attracts many inward investors for business deals. In this way, it comes close to the people from different sectors to create good social interaction and mutual understanding of the people in society which in turn uplifts the economy.
The construction sector in Pakistan: The construction sector of Pakistan is facing problems for many years. In 2019, this sector had faced a decline of 6.9%. But in 2021, it is expected to expand by 3%. The covid-19 pandemic is the biggest issue that Pakistan is suffering and it was the cause to contract the construction industry. Because the work in this sector had been remaining postponed for many months due to rice in corona cases. But for the sake of uplifting this industry, Prime Minister Imran Khan launched a construction stimulus package in April 2020. It includes a fixed rate in the construction industry that facilitates the property builders to invest in a small housing. A subsidy worth 191 million US$ in Naya Pakistan Housing Scheme is an example of this incentive. It is highly expected that this industry will grow in the range of 4.8-5.3% during 2022-2025. CPEC project will be a great booster in this. It will expand our trade also and will boost our economy in less time at a very high rate.
Construction sector at international level: U.S construction industry is the biggest industry in the world with expenditures reaching over 1293 billion U.S dollars. You can get more information about the stats of the construction industry in the USA by clicking here.
Nowadays, construction has become a leading industry and it is an indicator of a healthy economy. China, Malaysia, Taiwan, Hongkong, Korea all are using this sector in a good manner to become a great partner in the global economy.