There are a large number of different areas within economics. One that is important to the building industry is, you guess it, building economics.
Building economics allows those who are building to make choices based on funding or to stop them wasting money that doesn’t need to be wasted. It is an efficient approach to money and time. As the old saying goes “time is money”.
If this is an area you would like to specialise in and develop your skills then why not begin your journey right now? There’s a course waiting for you!
What is building economics?
Building economics is exactly what it sounds like. It is a branch of economics that is based on applying different principles of economics that are related to the construction industry. It is an important area because it helps those involved to make cost-effective choices that are economically efficient.
The construction industry relied a lot on the economy and money from the construction of a building to the wages of those working so it is important to be as efficient and cost effective as possible in order to keep everything running smoothly.
There are many courses on offer in the area across the UK. Some courses offer the opportunity to study either part time or full time. Universities may have certain restrictions in place due to Covid-19 and may offer courses online. There are courses available in this area across a number of colleges and are very similar. Courses available are pretty similar in their titles but may differ in their specific content covered.
Construction Economics and Management
The aim of postgraduate courses in construction economics and management is to equip students with the necessary skills and knowledge to develop their careers and help them go forward and gain senior roles. Students will focus on the two key areas of economics and management. Modules covered include the Economics of Construction: Economics, Sectors and Industries, Economic Institutions of the Construction Industry, Management of Construction Enterprises and Management of Construction Projects.
Construction Management and Economics
A similar title to the course above – just slightly switched up! This course is more focused on the management side than the economics side and will prepare students to work in leadership roles in the construction industry. Students will learn the theory and application of economics, finance and management in the context of large scale construction projects. Modules include construction economics, construction project management, development economics and planning and real estate development and investment.
Construction Management and International Development
A postgraduate course in construction management and international development looks at how building and infrastructure projects can be sustainably delivered in existing and emerging economies. This programme also engages in humanitarian issues in relation to the construction industry. It is a programme that is aimed at those with experience in the field who are at a mid-career stage. Another area of learning includes how to effect successful construction sector reform through government policy and much more. It is quite a detailed course that covers a wide range of information and topics in the area.
Entry requirements may differ from course to course or university to university. Therefore, it is important to research your specific course in detail to ensure you meet the entry requirements. As these courses are postgraduate courses, you will need a bachelor’s degree. Some courses may accept a 2.2 degree while others will require a 2.1 in economics or a relevant subject.
There are a few reasons your salary may differ as an economist such as your employment, location and mainly your experience. As an economist, it is believed your starting salary can range anywhere between £25,000-£35,000. As you gain experience in your particular field, in this case the building industry, you may earn up to £40,000. In senior roles, your salary will be higher.
Potential employers may include:
- Building and construction companies
- Private building companies
- Central and local governments
- Large corporations
- Consultancy companies
Skills and requirements
Skills and requirements helpful in this area include:
- Strong communication skills
- Analytical skills
- Critical thinking skills
- Attention to detail
- Time management skills
- Organisation skills
- Good writing skills
- Good maths skills
- Problem solver