THE ROLE OF HUMAN RESOURCES IN THE DEVELOPMENT OF THE GLOBAL CONSTRUCTION MARKET

Abstract

The article explores how the development of the global construction market influences the increasing role of human resources, which are essential for the industry. The study examines the global construction market, noting that the construction sector currently plays one of the key roles in the global economy. The value of leading construction companies ranges from USD 13 billion to USD 48 billion. Overall, the global construction market accounts for 14.2% of global GDP. The research indicates that the growth rate of the market will continue to show a positive trend in the future, mainly due to catalysts such as risks leading to damage and loss of construction projects, population growth, urbanisation, sustainable development, government support, industrialisation, the development of smart cities, and infrastructure investments. The study reveals that the damages to construction projects caused by global emergencies are constantly increas-ing, necessitating reconstruction and renovation. Population growth stimulates the financing of residential and other real estate construction, such as hospitals, schools, roads, shopping centres, and other infrastructure. Urbanisation processes have led to an increased demand for new housing and social infrastructure. The need to reduce the harmful impact on the environment has led to the implementation of sustainable development programs, under which construction is financed with reduced carbon emissions and increased energy efficiency. Government support has significantly influenced the development of the global construction market, manifested in the financing of affordable housing. Innovations in design and construction have necessitated the financing of modern construction. The authors found that the factors studied have a significant impact on the development of the global construction market, which will lead to the need to enhance human resources. It is proposed to attract the younger generation to the in-dustry, which will create a new construction culture that meets modern requirements.