This revised edition of an established classic textbook brings the subject right up to date. It applies economic theory to the formation of demand on the construction industry and to the way the industry responds. This edition provides a topical assessment of the implication for competition of new methods of procurement, includes a new chapter on rehabilitation, repair and maintenance, and extends the use of theory to issues such as the problems of appropriate technology for developing countries, and contractors' diversification.

Can the construction industry cope with the challenges of the future? Is it fitter and leaner or thinner and weaker? This book presents a challenging analysis of the state of large construction companies. It focuses on the changes in their environment and behaviour from the boom conditions of the late 1980s, the decline in the firms' traditional markets and their attempts to develop others, the disastrous financial experiences of the early 1990s, the changes in strategies and structures and in the management of the firms. It is based on published data and interviews with senior executives of...