Construction is a broad phrase that refers to the art and science of forming items, systems, or organisations. It is derived from Latin and Old French construction. The verb construct refers to the act of building, whereas the noun construction refers to the way something is built and the type of its structure. Construction, in its most common sense, refers to the processes involved in constructing buildings, infrastructure, industrial facilities, and related operations from conception to completion.
Construction normally begins with planning, finance, and design and continues until the asset is finished and ready for use; it also includes repairs and maintenance, any expansion, extension, or improvement work, and the asset’s final deconstruction, dismantling, or decommissioning.
The building industry makes a considerable contribution to the gross domestic product of many countries (GDP). In 2012, global construction spending was estimated to be around $4 trillion. The construction business now spends more than $11 trillion each year, accounting for almost 13% of global GDP. In 2030, this spending is expected to reach $14.8 trillion.