ABOUT THE PRODUCTS AND THE INDUSTRY
Construction is the process of constructing a building or infrastructure. Construction differs from manufacturing in that manufacturing typically involves mass production of similar items without a designated purchaser, while construction typically takes place on location for a known client. Construction as an industry comprises six to nine percent of the gross domestic product of developed countries. Construction starts with planning, design, and financing; it continues until the project is built and ready for use.
In general, there are three sectors of construction: buildings, infrastructure, and industrial. Building construction is usually further divided into residential and non-residential
(commercial/institutional). Infrastructure is often called heavy civil or heavy engineering that includes large public works, dams, bridges, highways, railways, water or wastewater and utility distribution. Industrial construction includes refineries, process chemicals, power generation, mills, and manufacturing plants.
The Construction Intelligence Center (CIC) has revised upwards its forecast for growth in the global construction industry. In line with improved performance in some major markets and a brighter outlook for the global economy, the CIC now expects the pace of expansion in the global construction industry to average 3.7% a year during 2018–2022, compared with 3.6% in the December 2017 forecast update. In real value terms (measured at constant 2017 prices and US$ exchange rates), global construction output is forecast to rise to US$12.4 trillion in 2022 from US$10.4 trillion in 2017.
The construction sector of Bangladesh is set to post double-digit growth in the current fiscal
year, FY18.
Provisional estimation of the Bangladesh Bureau of Statistics (BBS) showed that the sector is set to post 10.11 percent growth in FY18, which was 8.77 percent in the previous fiscal year. The sector’s share in the Gross Domestic Product (GDP) is also estimated to increase to 7.53 percent in the current fiscal, which was 7.36 percent in FY17. The value of the economic activities of the sector is estimated at Tk 737.17 billion for FY18.
Meanwhile, the latest labor force survey showed that some 3.43 million workers are now employed in this sector. The construction sector is one of the 15 major sectors that contribute to the GDP.
GDP From Construction in Bangladesh increased to 6695.10 BDT Million in 2017 from 6155.20 BDT Million in 2016. GDP From Construction in Bangladesh averaged 4513.15 BDT Million from 2006 until 2017, reaching an all-time high of 6695.10 BDT Million in 2017 and a record low of 2982.50 BDT Million in 2006