Evolution of the construction industry since the industrial revolution Essay

Evolution of the construction industry since the industrial revolution - Essay Example The building industry as a whole underwent a revolution. The Industrial Revolution created an enormous increase in the production of many kinds of goods and brought about changes in technology and innovation. As the Industrial Revolution grew, private investors and financial institutions were needed to provide money for the further expansion of industrialization. Before the industrial revolution, only ten percent of the people lived in cities while most lived in towns and villages scattered around the cities. The revolution brought about changes which drew large number of people into cities as industry expanded. This resulted in increased demand for housing and the high-rise buildings came into existence. Money was easily available through banks and financiers for construction. Loans and mortgages helped people to build and buy homes. The construction industry is a major industry in the economy of Great Britain and is growing steadily. Advancement in technology led to a boom in the industry in all sectors. While onsite construction was common, offsite construction grew along with it. This resulted in cost reduction and better quality control. Prefabricated structures were largely used and installed specially for bridges. Private housing sector has grown tremendously and may have reached a plateau today in Great Britain. Homes in England with three or more bedrooms were only 7% in 1971 whereas in 2002/3 it stood at 34%. Semi detached homes in England are the most common system of dwelling but only 28% of them have been built in the past 40 years. All the others are much older. The construction industry is divided in two sections – new construction and repairs and maintenance. In the early 1990s, total construction output (in 1995 prices) decreased sharply in Great Britain as a whole2. After 1995, the construction output increased