Economic Principles of Sustainable Construction

Lei Zhou, David Lowe

Research output: Chapter in Book/Report/Conference proceedingConference contribution

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Abstract

The emergence of sustainable construction has been described as the largest innovation within the global construction industry at the end of last century. However, there are various concepts of sustainable construction and it is difficult to define the term in a simple uniform sentence. Basically, sustainable construction has four dimensions: environmental, social, economical and technical. While the literature establishes several diverse explanations of both ecological and technical principles, it often fails to consider economic concepts. From an economic point of view, sustainable construction is an unusual activity, which changes business patterns from a linear to a cyclic process. As the original stimulant, it is essential to detail the economic principles of sustainable construction and investigate their application in practice. This paper examines the concepts of sustainable construction and sets out the underlying economic principles and themes which apply to it. Furthermore, it highlights some economic challenges to sustainable construction: higher capital cost; lack of accurate cost information; unreliable long-term profits and invisible market value. Finally, it concludes that it is crucial to develop a green market in the built environment and a clear sustainable business strategy for construction companies who seek to implement sustainable construction.
Original languageEnglish
Title of host publicationProceedings of the Second International Conference on Construction in the 21st Century, Sustainability and Innovation in Management and Technology
Subtitle of host publicationSustainability and Innovation in Management and Technology
EditorsSyed M Ahmed, Irtishad Ahmed, S L Tang, Salman Azhar
Place of PublicationHong Kong
PublisherConstruction in the 21st Century
Pages660-665
Number of pages6
ISBN (Print)9781732441675
Publication statusPublished - Dec 2003
Event2nd International Conference on Construction in the 21st Century: Sustainability and Innovation in Management and Technology - Hong Kong, Hong Kong
Duration: 10 Dec 200312 Dec 2003
Conference number: 2
https://www.citcglobal.com/_files/ugd/0d72f4_4ceef690387d434aa5b6cef09ce3f603.pdf

Conference

Conference2nd International Conference on Construction in the 21st Century
Abbreviated titleCITC-II
Country/TerritoryHong Kong
CityHong Kong
Period10/12/0312/12/03
Internet address

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