construction economics

Construction economics is the study of how financial factors influence the building industry. It involves analyzing costs, budgets, and economic conditions to plan, manage, and evaluate construction projects effectively. This field helps determine project feasibility, set realistic budgets, and make informed decisions by understanding variables like labor, materials, land prices, and market demand. Ultimately, construction economics aims to optimize resource use and ensure projects are financially viable, balancing costs and benefits to support sustainable and successful development.