About Building economics

Construction firms look for building economic experts to keep up with the budget plan of a project. The knowledge imparted in a building economics degree applies to all phases of a construction project from planning and design to implementation and finishing. It is not only limited to buildings, but you also get the chance to explore a lot about the structures of roads, bridges, tunnels, houses, offices, railways, shopping and leisure centres. Building economic degree holders are highly sought after in the market and are highly paid for their services.

　　

Is Building economics right for me?

A range of skills are needed to excel in the field of building economics but intellectual curiosity, communication skills, and good time management are the most crucial ones. Building economists are ideally strategic thinkers that have good visualisation capabilities. In other words, creative individuals with a mind for numbers tend to do best as building economists.

　　

Study options and costs

　　The study of building economics generally encompasses construction management and financial administration through the project lifecycle. To pursue a career in building economics, there are a number of programs you can choose from including Bachelor’s of Science in Quantity Surveying and Construction Economics (BSc, QSCE), Master’s of Science Construction Economics and Management, Master’s in Project Management, and PhD in Construction Economics and Management (PhD CEM). In the US, there are more than 160 institutions offering programs in Construction Management and Building Economics. The average tuition fees for international students is $19,319.

　　

Future outlook

Though Building Economics as a field of study is in its emerging phases, it has invaluable potential in today’s market. The industry needs professionally qualified candidates who may play a role in regulating the market and uplifting the economy. It is projected that employment opportunities will grow 11% from 2020 to 2030 – which is faster than the average for all occupations. Furthermore, building economics targets one of the largest contributors to global GDP: the construction industry.

　　

Career pathways  for Building economics graduates

　　

Facilities Manager

　　In commercial buildings, it is essential to consider that employees find the most suitable working environment and have all the services available to them to conduct their professional responsibilities in an efficient manner. Facilities Managers take charge of such responsibilities including floor management, security, communication, utilities and cleaning of the building.

　　

Building Surveyor

　　Key responsibilities of a Building Surveyor include collecting feedback concerning a property or building and submitting recommendations in the form of a report. There are many construction-related issues like building defects, preventative maintenance, sustainability of structures, restoration suggestions, and more that require a careful review. A building surveyor inspects and reports them and also works on designs for new buildings.