Impact of Globalization on Local Construction Markets: A Study of International Trade’s Influence on Building Practices

Authors

Abhiram Reddy Anireddy

Abstract

The advent of globalization has fundamentally changed the construction industry by raising international trade, labor mobility and foreign direct investment (FDI) that in turn affect local markets. Construction supply chains today are now globally integrated as both an opportunity to access advanced materials and as a challenge in standardization, quality control, and dependency on foreign resources. In addition, labor mobility has expanded local markets by bringing with it a workforce of diverse forms while simultaneously imposing social and economic pressures. This paper investigates the impact of globalization on local construction markets through the channels of the trade, labour dynamics, foreign investments, and regulatory challenges. Moreover, it reflects on how its global building standards are being reshaped by technology transfer and harmonization.

Keywords

Globalization, Local Construction Markets, International Trade, Construction Materials, Labor Mobility, Foreign Investment, Building Standards, Regulatory Harmonization, Technology Transfer, Construction Practices.

Impact of Globalization on Local Construction Markets: A Study of International Trade’s Influence on Building Practices. Abhiram Reddy Anireddy. 2021. IJIRCT, Volume 7, Issue 6. Pages 1-6. https://www.ijirct.org/viewPaper.php?paperId=2410067