1、 Procedia Economics and Finance 34 ( 2015 ) 35 – 42 Available online at www.sciencedirect.com2212-5671 © 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND licen
2、se (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer-review under responsibility of the Organizing Committee of BEM2015 doi: 10.1016/S2212-5671(15)01598-1 ScienceDirectBusiness Economics and Management 2015 Con
3、ference, BEM2015 Construction Costs Analysis And Its Importance To The Economy Renata Stasiak-Betlejewska a, Marek Potkányb* aCzestochowa University of Technology, Faculty of Management, Al. Armii Krajowej 19B, 42-2
4、00 Cz?stochowa, Poland bTechnical University in Zvolen, Faculty of Wood Sciences and Technology, T.G. Masaryka 24, 960 53 Zvolen, Slovakia Abstract Reliable estimates of construction costs and schedules presented by con
5、temporary construction companies, their consultants and suppliers at the time of project approval are important for justifying a project on economic ground and for planning the means of financing it. The economic impac
6、t of a construction cost overrun is the possible loss of the economic justification for the project. A cost overrun can also be critical for creating policies within sustainable development on the basis of economic cost
7、s. The financial impact of a cost overrun results also in demand for construction investments credits. The paper presents a case of construction cost analysis for wooden energy efficient house that meets sustainable as
8、pects. Analyzed object is characterized by high costs of the construction investment, that result from specific characteristics of the construction output (energy efficient wooden house). In the result of analysis of t
9、he construction investment costs for the efficient wooden house and its comparison with the costs of traditional construction investment on maintenance costs, it can be stated that additional cost resulting from the en
10、ergy efficient house building is higher than costs of traditional construction investment (about 10%) and it can be treated as the investment in the energy efficient house solutions since it brings savings for home expe
11、nditures (5% annually). © 2016 The Authors. Published by Elsevier B.V. Peer-review under responsibility of the Organizing Committee of BEM2015. Keywords: Construction, economy, sustainable development, constructio
12、n costs, maintenance costs 1. Introduction The construction industry, in accordance to system of industrial classification used for statistical and government purposes, is defined as industry that includes only companie
13、s that are involved with building and civil engineering. This categorization is derived from the United Nations International Standard of Industrial Classification (ISIC). Other American and European equivalents for th
14、is standard are following: the North American Industry * Corresponding author name. Tel.: +421-45-5206-437 E-mail address: potkany@tuzvo.sk © 2015 The Authors. Published by Elsevier B.V. This is an open access artic
15、le under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer-review under responsibility of the Organizing Committee of BEM201537Renata Stasiak-Betlejewsk and Marek Potkány / Procedi
16、a Economics and Finance 34 ( 2015 ) 35 – 42 of this industry is not the objective any more since the new objective is development for the sustainability (Rangelova 2015, Sedliaciková et al. 2014). The susta
17、inable development, as a doctrine, was established in the 80’s of the twentieth century and today it increasingly dominates as a planned development model of countries and citizens. The concept of “sustainable developm
18、ent“ refers to the process of development, which, striving to fully meet the needs of the present generation, in no way reduce the potential of future generations. This definition appeared the first time in the report “
19、Our Common Future“ prepared in 1987 by the World Commission on Environment and Development of the United Nations. This report recognizes that civilization has reached a level of prosperity that is tenable to provide pr
20、oper management. The model of such economy assumes properly and consciously shaped relationship between economic growth, environmental care (not only natural but also artificial - man-made) and to human health. There a
21、re several definitions describing the sustainable development idea in the literature (Waas et al. 2010; Lipu??ek et al. 2010; Robert et. al. 2005; Giddings et. al. 2002) and its main idea is reduced to requiring such
22、management of current resources to preserve nature in its unaltered state for future generations, while ensuring the well-being and comfort societies and its development. The concept of sustainable development is “deve
23、lopment that protects the needs of today without limiting meet the needs of future generations“ (Naci??ek 2015). The new goal of the construction industry is implementation of new technologies and solutions considered
24、as significant for three areas identified as priorities for the sustainable development: ? Environment – the construction and exploitation of buildings are the cause of 42% of final energy consumption in the EU, 35% o
25、f emissions of greenhouse gases into the atmosphere, as well as a significant consumption of raw materials such as water and aggregates (sand, gravel, etc.). The threat for the environment is the remains of the buildin
26、gs demolition. ? Society - the average citizen of a developed country spends inside the buildings close to 80% of the life. Hence, the suitable internal environment and the comfort of apartments and offices have a huge
27、 impact on the quality of people's life. ? Economics - in the European Union the construction industry generates about 10% of GDP and employs 7% of the workforce. Through its impact on the built environment, cons
28、truction plays a central role in promotion of the sustainable development that is connected with basic changes among other in products and services by applying of economic, technological and social innovation and techn
29、ologies used energy. The biggest problem of the construction is the low energy efficiency and associated high emission of carbon dioxide into the atmosphere. In Poland, there is a lack of additional initiatives to incr
30、ease the share of energy from renewable sources in households (the notable exception is the action of subsidies for solar collectors, funded by the National Fund). The policy of the sustainable construction is focused
31、on taking actions to effectively reduce power consumption and strengthen the functioning of existing solutions by leading participation of public and private sector, whose main task will be to build homes in the techno
32、logy of low-energy and zero-energy and promoting solutions in this field, while taking into account the level of optimal cost. The building sector is responsible for 1/3 of total energy consumption. The poor conditions
33、 of most of the existing buildings and newly built have a direct impact on the high energy consumption, thus still low energy efficiency. It should be noted that the optimal level of costs is the basic condition that m
34、ust be satisfied in this aspect. 1.2. The role of governments regulations and financial sector in the construction industry development Construction products market have multiple interactions with the rest of the economy
35、 and these are surveyed in this paper. It drives the following economic factors: house prices include income, the housing stock, demography, credit availability, interest rates, and lagged appreciation, the latter a po
36、tential mechanism for overshooting (Muellbauer, Murphy 2008; Belás et al. 2015). Significant importance of the construction to economy causes, that governments are concerned about efficiency of this sector by regu
37、lations within the market and related markets (including financial market) and policies (e.g. energy policy). The financial sector has a significant contribution to the economy by funding construction investments with
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