Coordinator(s)

  • Les Ruddock, University College London, UK

Objectives and Scopes:

The Commission’s objectives are:

  • to be the leading international research focus for the economics of the construction industry
  • to stimulate the development of a theoretical base for the discipline of construction economics
  • to support and develop the perception of the important role of the construction industry in the economy.

The Commission will study, evaluate, disseminate, exchange and discuss issues based on these objectives.

The main areas of attention for the Commission’s research include:

  • Characteristics of the Construction Firm: Strategic, managerial and production based theories; Transaction costs and contracting; M&A, market entry and international construction; Technology uptake models and construction firms.
  • Characteristics of Construction Markets: Identifying construction firms and markets; Imperfect competition in construction; Game theory in construction bidding and contracting; Auction markets and bidding for construction projects.
  • Applying Macroeconomic Theory: Use of input-output data for analysis of construction industry; Asset prices, monetary policy and building cycles; Stages of development and construction activity.
  • Theoretical Issues: Methodology in construction economics; The property market and demand for new building; Measuring construction productivity.
  • Cost Studies and Design Economics: Cost modelling; Life-cycle costing and sustainability; Value management.

Current Work Programme:

The Commission’s Work Programme includes the following project:

  • Emerging from the Global Economic Crisis. Following the Global Challenge of ‘addressing the global economic crisis’ from the 2010 World Congress, the aim is to produce a report on how the global construction industry should prepare itself to address economic and business sustainability.

The following CIB Task Group has been set up through W055 that operates in close collaboration with the Commission:

  • TG81 – Global Construction Data

Planned Output:

  • Publication of a Research Roadmap on Construction Industry Economics

External Relations:

W055 has a Liaison with the CIB Encouraged Journal “Construction Management & Economics”

Membership:

Members of this Working Commission have to be either a Representative of a CIB Member Organisation or an Individual CIB Member.