Importance Of Construction Industry

1850 Words8 Pages
Construction has made a vital contribution to the competitiveness and prosperity of the economy. However, the importance of construction industry to Hong Kong has been unjustifiably neglected by the government. The Hong Kong Government has not recognized construction industry as a pillar industry. In our opinion, construction industry has a potential for further development.Its importance will be illustrated from economic contribution and social contribution two perspectives in depth. In the economic part, the most important element is the contribution of construction industry to the foreign reserves as incresing foreign reserves can be the core function of pillar industries. Although construction industry dominately develops in domestic…show more content…
Ten infrastructure projects together with numerous development projects such as the development of the third runway for Hong Kong International Airport have made such construction methods and techniques as construction management and design-and-build methods more advanced and mature. This contributes to high quality construction standard, attracting foreign countries, particularly the Middle East, to export its sophisticated construction services including construction management, engineering and…show more content…
However, the government often focus on the working opportunities for the construction workers only (Chan, 2014). Moreover, due to the decreasing number of the construction project, the amount of the construction worker employment is reduced actually, so the government spend less effort and attention on the construction industry. In fact, the construction projects also bring working opportunities to other industry. For example, the export or transportation of the materials also create more work opportunities of trading and logistic industry. Eventually, there will be higher employment rate. It is an important social contribution to Hong Kong. The high employment rate also means that people have more income, and thus people will have higher comsumption sebtiment (Starr, 2012). People are more willing to become the customers when they have stable or higher income. It is important to maintain the retail business and the cash flow in the market, which also helps to improve the Hong Kong economy. Although the construction industry does not contribute much direct economic contribution , it contributes indirect economic contribution through providing the working opportunities of different industries other than construction industry
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