The construction industry is an integral part of the economy, as it builds and shapes the spaces that bring communities together, create jobs and improve society. It encompasses a variety of activities such as constructing, altering, maintaining, repairing and demolishing buildings, as well as civil, mechanical and electrical engineering projects. The proposed construction project must abide by local land use planning policies, including the requirements of zoning and building codes. For instance, the George Washington Bridge links Manhattan to New Jersey and generates hundreds of millions of dollars in benefits annually.
The construction industry provides well-paid positions and is constantly evolving, making it an exciting and rewarding field to work in. Unfortunately, it is also one of the most hazardous occupations in the world and causes more occupational fatalities than any other sector, both in the United States and in the European Union. In some areas, such as Atlanta, home prices are nearly on par with construction costs, indicating that builders are able to respond to new demand. However, the National Environmental Policy Act (NEPA) often delays environmentally friendly construction projects.
This includes wind farms or even New York City's plan to set congestion pricing in Manhattan. Despite this, short-term and long-term projects continue to be implemented as construction companies move forward with construction and maintenance, strictly following guidelines for employing “essential infrastructure workers”. The sequence of events that occur in the construction phase is divided into three main categories: foundations, structure and finishes. The construction industry's capacity to pay relatively high salaries is partly due to an environment of strong demand.
Of all the industrial sectors included in the North American Industrial Classification System (NAICS), construction is likely the one with the lowest overall educational demands. As parts of a project are completed, they can be sold, replacing one lender or owner with another while meeting the logistical requirements of having the right trades and materials for each stage of the building construction project. Depending on the type of project, mortgage bankers, accountants and cost engineers can be involved in creating a general plan for the financial management of a construction project. The restrictions on movement due to COVID-19 have also had an impact on the construction industry.
This has enabled companies to carry out repairs quickly and easily. However, this has also slowed down the industry and made it difficult for many Americans to afford housing and start a family. Often, an owner will appoint a company to oversee a project (such as a designer, contractor, construction manager or other consultants). These specialists are usually appointed because of their experience in executing the project and will help define the project summary, agree on a budget and schedule, establish liaison with relevant public authorities and contract services from other specialists (the supply chain).