“Construction Economics is the construction Project to study of how individuals and groups make decisions with limited resources as to best satisfy client’s wants, needs, and desires”. Resources available to the construction industry may be appropriately allocated and optimally used to products and services.
Evaluation of the total (life cycle) costs of alternative solutions to the problem of meeting the requirements of a particular client and choice of the best solution.
Assessment of the determinants of demand for construction activity and study of the effect on the industry of different volumes and mixes of total demand.
Consideration of the nature of the construction industry and its needs, strengths and weakness.