Overview
- The Construction industry is classified with service industries and divided into three major classes: civil works, buildings, and other. An important feature of construction work is that it is seasonal, with projects going forward through the first two quarters of the year. The third quarter includes the rainy season and there is significantly less construction activity during this time. It can be quite difficult to proceed with construction during the rainy season and especially so in years when there is flooding.
- Four important features of the construction industry are: 1) There are serious obstacles four potential new operators. They must possess the appropriate expertise and equipment. Most construction for industrial and commercial purposes is large scale, leading to a preference for experienced over new contractors. This is a major obstacle to new contractors competing for market share. 2) There are no goods that can be substituted for construction. 3) Construction technology does not change quickly, with new technologies being restricted to specific types of industry. 4) The construction business has a high level of correlation to economic cycles, demand rising significantly along with high levels of economic growth.
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