How Australian construction contractors responded to the economic downturn

Zuo, Jian, Zillante, George, Xia, Bo, Chan, Albert, & Zhao, Zhenyu (2015) How Australian construction contractors responded to the economic downturn. International Journal of Strategic Property Management, 19(3), pp. 245-259.

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Abstract

The Global Financial Crisis (GFC) in 2008 had a significant impact on the world economy and the construction industry was no exception. This study investigates the major impacts of the 2008 GFC on the Australian construction industry and, in particular how the Australian construction contractors responded to the economic downturn. A total of 35 senior managers from the Top 100 Australian construction companies were interviewed. The findings indicate that construction companies, particularly the large ones were not affected in any significant way but are expecting some difficult financial times over the next few years and are taking actions to minimize the upcoming adverse impacts. The most common strategy adopted by Australian construction contractors is to concentrate on core business while avoiding aimless bidding. Similarly, great focus is placed on retaining human resources in order to maintain the skill set so that the company can respond quickly when market conditions improves. The research findings will provide construction contractors with insights on how to establish and sustain competitive advantages during economic slowdown and become more resilient in the future.

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ID Code: 88940
Item Type: Journal Article
Refereed: Yes
Keywords: Economic downturn, GFC, Construction contractors, Actions, Australia
DOI: 10.3846/1648715X.2015.1052588
ISSN: 1648-715X
Subjects: Australian and New Zealand Standard Research Classification > BUILT ENVIRONMENT AND DESIGN (120000) > BUILDING (120200)
Divisions: Current > Schools > School of Civil Engineering & Built Environment
Current > QUT Faculties and Divisions > Science & Engineering Faculty
Copyright Owner: Copyright 2015 Vilnius Gediminas Technical University (VGTU) Press
Copyright Statement: The Version of Record of this manuscript has been published
and is available in International Journal of Strategic Property Management 09 Oct 2015
http://www.tandfonline.com/10.3846/1648715X.2015.1052588
Deposited On: 12 Oct 2015 01:06
Last Modified: 20 Oct 2015 08:33

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