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What percentage of the nation's gross national product (GNP) does the construction industry historically account for?
What percentage of the nation's gross national product (GNP) does the construction industry historically account for?
Approximately how many workers are employed in the construction industry?
Approximately how many workers are employed in the construction industry?
What is the general nature of construction work?
What is the general nature of construction work?
Why is practical experience important in construction?
Why is practical experience important in construction?
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What is the common term for companies and individuals engaged in the business of construction?
What is the common term for companies and individuals engaged in the business of construction?
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What type of contractor engages in a wide range of construction activities?
What type of contractor engages in a wide range of construction activities?
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Why is innovation important in the construction industry?
Why is innovation important in the construction industry?
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What is the annual construction volume in the U.S. in recent years?
What is the annual construction volume in the U.S. in recent years?
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What is the primary distinction between a subcontractor and a prime contractor?
What is the primary distinction between a subcontractor and a prime contractor?
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What percentage of construction firms in the United States employ three or fewer workers?
What percentage of construction firms in the United States employ three or fewer workers?
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What percentage of the value of work performed is accounted for by contractors with 100 or more workers?
What percentage of the value of work performed is accounted for by contractors with 100 or more workers?
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What is the trend observed in the U.S. construction market?
What is the trend observed in the U.S. construction market?
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What is the primary focus of the building construction division?
What is the primary focus of the building construction division?
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What is the main distinction between public and private building construction?
What is the main distinction between public and private building construction?
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What percentage of construction firms in the United States have 100 or more workers?
What percentage of construction firms in the United States have 100 or more workers?
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What is the approximate number of construction contractors in the United States?
What is the approximate number of construction contractors in the United States?
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Study Notes
The Construction Industry
- The construction industry includes design, new and renovation construction, and the manufacture and supply of building materials and equipment.
- Accounts for about 10% of the nation's gross national product (GNP).
- Employs approximately 10 million workers.
- U.S. new construction volume has exceeded $800 billion annually in recent years.
Career Opportunities and Income
- Construction is dynamic and often provides high income for workers and contractors.
- Seasonal and sporadic nature of work can reduce annual income for many workers.
- Construction contracting is competitive with a high bankruptcy rate.
Nature of Construction
- Combination of art and science.
- Technical understanding is crucial.
- Business and management knowledge are essential.
Importance of Practical Experience
- Close observation and participation in construction projects are valuable.
- Encouragement for students to observe and participate in construction activities.
Need for Innovation and Professional Competence
- Construction has traditionally been conservative.
- Technological development and international competition are accelerating changes.
- Growing need for innovative and professionally competent construction professionals.
Construction Contractors
- Companies and individuals engaged in the business of construction are commonly referred to as construction contractors (or simply contractors).
- Types of contractors include general contractors and specialty contractors.
General Contractors
- Engage in a wide range of construction activities.
- Execute most major construction projects.
- Called prime contractors when they provide complete construction services under a contract with an owner.
Specialty Contractors
- Limit their activities to specific construction specialties (e.g., electrical work, plumbing, heating and ventilating, earthmoving).
- Often employed by a prime contractor to accomplish specific phases of a project.
- Referred to as subcontractors when operating under a subcontract with a prime contractor.
Contractual Relationships
- Subcontractor and prime contractor definitions are defined by their contract arrangement, not by their work classification.
- A specialty contractor can be a prime contractor if they contract directly with the owner.
- A general contractor can be a subcontractor if employed by a specialty contractor for specific tasks.
Construction Industry Divisions
Building Construction
- Involves the construction of buildings: This division focuses on the creation of structures where people live, work, or gather.
- Subdivided into public and private, residential and non-residential building construction.
Public Building Construction
- Government-funded projects such as schools, hospitals, and government buildings.
Private Building Construction
- Projects funded by private entities, including commercial buildings and private residences.
Residential Building Construction
- Includes single-family homes, apartments, and condos.
Non-Residential Building Construction
- Encompasses commercial buildings, office spaces, and industrial facilities.
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Description
This quiz covers the basics of the construction industry, including its size, economic impact, and annual construction volume. It explores the industry's role in the US economy and its employment numbers.
