Difficulties in transforming the construction industry under the digital economy

Abstract

Solving key tasks of economic growth and increasing the level of social responsibility of the construction industry require the use of the scientific and technical potential, implementation of long-term innovative development plans and programs, transformation of external conditions of investment and construction activities, adaptation of the construction management system to the digital economy. In this regard, management of structural elements of the construction industry and digitalization of the construction industry are crucial. The relevance of the research issue is due to the fact that in modern conditions, the innovative potential of construction companies is a key factor contributing to competitiveness in the market and transition to the digital economy. The object of research is construction companies operating within the market economy. The subject is organizational and economic relations taking shape in the process of development of the construction industry under the digital economy. The authors considered the problems of transition of the construction industry to the digital economy, analyzed the construction industry, and proposed their own definition of the digital economy in the construction industry. The factors that impede the development of the construction industry were described taking into account modern aspects of economic development, which makes it possible to identify areas of construction business management under the digital economy. The competences of an employee of the construction company in the context of the digital transformation of the construction industry were identified. The authors drew conclusions proving the need for the transition of the construction industry to the digital economy.