Construction Economics I

At the end of this course, students should be able to: 1. Gain the knowledge and understanding of the structure of the construction industry as a sector of the national economy; 2. Develop the knowledge and understanding of the cyclical nature of the construction industry in relation to variation in workload and government regulations; 3. Gain the awareness and understanding of the nature and scope of construction projects; 4. Develop the knowledge and understanding of the factors affecting the supply and demand for landed property; and 5. Develop the knowledge and understanding of the methods of valuation of landed property, including simple calculations and construction and use of valuation tables.

Structure of the construction industry. Variation in workload of the construction industry. Relationship of output of construction industry to available resources. The construction economy, its relation to the national economy. Effect of government actions on the Construction Industry. Functional requirements and cost implications of constructional methods. Economics of building development. Nature and scope of development projects. Factors affecting the supply and demand for landed property. Introduction to the methods of valuation of landed property, including simple calculations. Construction and use of valuation tables.