The Internationalization of Construction Industry - A Global Perspective
Journal Title: International Journal of Engineering and Science Invention - Year 2018, Vol 7, Issue 8
Abstract
In 2015, top international contractors recorded approximately US$500 billion of revenue outside of their domestic markets which is an increase of nearly 200% during the past decade. Despite this rapid growth, however, limited investigation has been undertaken concerning the process of internationalization of the construction industry and key trends that drive this process which has substantial impact on global construction. This study addresses this issue by completing a comprehensive literature review to: a) develop a summary of the history of the internationalization of the construction industry over the past couple of millennia, and b) perform a qualitative descriptive study of relevant reports and scholarly publications to identify the key factors that have influenced large multinational contractors to βgo-globalβ. Economic growth, multilateral and bilateral trade agreements, innovative delivery methods such as Public-Private Partnership and modularization, foreign aid, complexity of international projects, and advancements in information technology are found to be the key factors that shape the globalization of the construction industry. Future research should focus on an indepth analysis of these factors to both advance the understanding of opportunities and threats associated with the globalization of the construction industry, and develop strategies that could enable firms to take advantage of open global markets.
Authors and Affiliations
Ahmad Farid Amiri, Dennis C. Bausman
Keywords
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