21 impact of global economic recession

Federal Reserve Chairman Alan Greenspan said in mid that "at a minimum, there's a little 'froth' [in the U. Increases in uncertainty[ edit ] Increases in uncertainty can depress investment, or consumption.

21 impact of global economic recession

For example, if a contractor fails to deliver on a stadium or power plant project, the cost in lost event revenue or production from missed schedules and poor workmanship can be tremendous. The real risk in the low-bid squeeze play is that contractors will attempt to make up for negative profit projections by cutting corners, increasing the cost and number of change orders, and billing for extras.

Some markets will continue to place value on quality services provided by competent contractors. Increasingly, however, market conditions are pushing contractors to reduce fees, and it will be difficult to reorient project owners who have become conditioned to view construction services as discounted.

These two factors continue to drive the market to the lowest common denominator — a vicious cycle that will be slow to reverse.

21 impact of global economic recession

Impact of Technology While the engineering and construction fields unquestionably boast some of the most industrious, innovative, and creative professionals in the U.

After all, the basic inputs to the construction process — wood, stone, steel, and craftsmanship — have existed for centuries and will likely remain consistent for some time. However, it is clear that construction tools and technology are changing dramatically.

Broadband mobile communication and handheld processing power are radically altering the way GCs deliver projects. Along with now-ubiquitous smartphones and tablets, the following innovations are becoming more commonplace: The sheer efficiency with which information can be shared and processed demands that businesses change.

For construction market participants and the CFMs who lead them, there is not as much emphasis on finding the next best technology; the important issues relate to the culture and structure of an organization and its flexibility to incorporate technology that ultimately improves the value proposition for customers.

Contractors need to decide if any new technology under consideration will do the following: The pace of technological change in construction services will only quicken in the years ahead, and contractors must be prepared to address how change will impact the services they provide to project owners.

However, extracting these resources economically has been a challenge. However, recent technical advances in horizontal drilling and hydraulic fracturing have made oil and gas accessible, transforming the global energy landscape and, more importantly, the U. Significant investment to support fuel-related economic activity is underway and will continue for the foreseeable future.

For a full breakdown, check out the U. Energy Construction Market Capital Expenditures sidebar. In the past eight years, the U. More significantly, the U. Natural gas prices in the U. The economic implications for U.

The benefits of increased domestic energy production extend well beyond the U. These activities are being funded by private investors and have significant economic impact on a growing number of regions throughout the U. This privately funded activity will be the lead driver of growth in U.

The implications of these energy-related trends for the U.The Great Recession was a period of general economic decline observed in world markets during the late s and early s. The scale and timing of the recession varied from country to country.

The International Monetary Fund concluded that the overall impact was the most severe since the Great Depression in the s.

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