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THE BREXIT AND ITS ECONOMIC IMPACTS ON CONSTRUCTION INDUSTRY |
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| รหัสดีโอไอ | |
| Title | THE BREXIT AND ITS ECONOMIC IMPACTS ON CONSTRUCTION INDUSTRY |
| Creator | Hossein Ataei, Farnaz Taherkhani |
| Contributor | Didem Ozevin, Hossein Ataei, Mehdi Modares, Asli Pelin Gurgun, Siamak Yazdani, Amarjit Singh |
| Publisher | ISEC PRESS |
| Publication Year | 2562 |
| Keyword | United Kingdom, Economics, Skilled labor, Training, Equipment and materials costs, Housing and infrastructure projects. |
| Abstract | In June 2016, the United Kingdom voted to depart from the European Union (EU) with 51.9% of the votes versus 48.1%. In short-term, an increase in the overall construction project costs is anticipated due to shortage of less-expensive skilled workers and more costly construction equipment imports from the EU. This may result in slower growth for commercial and residential industry sectors. The major effects of Brexit, however, will unfold in longer term on attracting private investment in British infrastructure. As demand increases globally on construction of new civil infrastructure or rehabilitation of the existing systems, the global investors and Engineering, Procurement and Construction (EPC) firms will be more mindful and conservative in investing in the UK projects. The UK government will seek more private financing for the country's capital projects as easier access to the EU funds - as existed prior to the Brexit - may no longer be an alternative. The UK will be a riskier destination for private investors or Public- Private Partnerships (PPP's) because of the developing instability and complexities in the new post-Brexit econo-political environment. As a result, a slower turnout in major infrastructure projects is anticipated. This paper investigates the economics of the post- Brexit UK and the opportunities and threats to the construction industry. It addresses the role of the government and the availability of public funding and how the construction regulations and standards will be impacted during and after the Brexit Transition Period, as may be required. |
| ISBN | 978-0-9960437-6-2 |
| Language | English |
| URL Website | https://www.isec-society.org/ |
| Website title | ISEC Society |
