Sustainable responsiveness for recessionary effects in the construction Industry: a study on appraising benefits

Abstract

The construction industry is a significant source of revenue generation to the economy, contributing more than 9% of the Gross Domestic Production (GDP) in Sri Lanka in the year 2012 according to the Central Bank statistics. Thus, the construction industry is concurred a positive relationship with the cyclical economic fluctuations. Consequently, adverse economic conditions directly affect the industry and resulted in stagnation. In response to the recession, the construction practitioners adopt various strategies. However, the recession responsiveness must be aligned with the concept 'sustainability' which concerns beyond the profit oriented short-termism. Hence, the aim of this research study is to investigate the benefits (Strengths) of sustainable responsiveness to minimise adverse effects (Threats) in the construction industry during the recession. An expert interview survey was conducted among different construction stakeholders to obtain multi rational perspectives. The survey analysis derived that social benefits associated with sustainability have contributed mainly to gain the benefits over recessional threat. However, many of the statements were neutralised stating that 'Sustainable benefits sometimes minimise recessional threats ’. Henceforth, it can be concluded that the sustainable strategies favourably respond the recession to mitigate recessional threats and direct long term strategic establishment. In addition, public awareness is essential to gain the sustainable benefits. Finally, it is recommended to be aware of the recession adhering to the opportunistic way forward through sustainability rather beware of its appalling adverse effects.