Construction Economics

This course introduces students to the economic principles and financial management techniques used in the construction industry. This course covers topics such as cost estimation, project financing, economic decision-making, and the impact of market trends on construction projects. Students will learn how to apply economic theories to real-world construction scenarios, developing skills in budgeting, cash flow management, and cost-benefit analysis. Through case studies and practical exercises, students will gain an understanding of how economic forces shape construction project outcomes.

Upon successful completion of this course, students will be able to:

• Understanding of Economic Principles: Students will gain a solid understanding of basic economic principles and their application to construction, including supply and demand, market structures, and economic cycles.
• Cost Estimation and Budgeting: Develop the ability to create accurate cost estimates and budgets for construction projects, considering factors such as labor, materials, equipment, and overhead.
• Project Financing and Investment Analysis: Learn how to assess different financing options for construction projects, conducting cost-benefit analyses and evaluating the economic feasibility of construction investments.
• Risk Management and Economic Decision-Making: Gain skills in identifying and managing financial risks in construction projects, using economic decision-making tools to optimize resource allocation and project outcomes.

These outcomes aim to equip students with the knowledge and skills needed to understand and apply economic concepts in construction, enabling them to make informed financial decisions and contribute to the successful management of construction projects.