Mitigating the impact of global recession on construction projects: Exploring potential solutions
Department of Quantity Surveying, Rufus Giwa Polytechnic, Faculty of Environmental Studies, Owo. Nigeria.
Research Article
World Journal of Advanced Research and Reviews, 2023, 18(03), 111–116
Article DOI: 10.30574/wjarr.2023.18.3.1029
Publication history:
Received on 20 April 2023; revised on 28 May 2023; accepted on 31 May 2023
Abstract:
The effect of global recession has caused many havoc to construction project in Nigeria, if not prevented, it can cause high cost of building materials, abandon project and insolvency. Therefore, this study examined the possible solution to the effects global recession on construction projects in Ondo state, Nigeria.
This was with a view to reduce the effects of global recession on construction projects in the study area. The study is important to the construction stakeholders, policy makers and future studies. Seventy-one (71) valid questionnaires were administered among the construction stakeholders working on a construction projects in the study area, these include the Quantity surveyor, Architect, Engineer and Builder with a retrieval of Sixty-two (62). Frequency and percentage were used to analyze the demographic information of the respondents while data on possible solution to the effect of global recession on construction project was analyzed using mean score and ranking.
The study concluded that Government should invest in large scale public infrastructural projects, transparency and check unethical behavior among workers, well prepared and planned budget are major possible solution to the effects of global recession in construction projects. This study recommended that Government involvement in providing the social amenities for the smooth running of the project, transparency among the stakeholders should be adopted and the scope of the project should be well understood in order to prepare a well-planned budget to curb global recession in construction industry.
Keywords:
Global recession; Construction projects; Solutions; Economic stability; Stakeholder engagement; Budget planning
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