Danforth, E M; Weidman, J E and Farnsworth, C B (2017) Strategies employed and lessons learned by commercial construction companies during economic recession and recovery. Journal of Construction Engineering and Management, 143(7): 04017027, ISSN 0733-9364
Abstract
The purpose of this research was to identify strategies used and lessons learned by western U.S. commercial construction companies during the great recession (2007-2009). The experience gained by companies who weather an economic downturn must be absorbed into the corporate structure in a meaningful way if that knowledge is to be accessible for future recessions. This study focused on identifying and better understanding the specific approaches that commercial construction companies employed to weather the great recession and the corresponding lessons learned. A stratified purposeful sampling survey was conducted across 15 different commercial construction companies and included 57 participants in various management roles. This paper provides a comprehensive list of 124 different strategies or lessons learned across six principal categories: (1) contracting, (2) risk management, (3) cost-control, (4) human resources, (5) financial, and (6) investment related responses. This paper also provides recommendations for commercial construction companies to consider during various economic cycles on the basis of the lessons learned during this recession and recovery.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | economic cycles; organizational issues; organizational learning; recession; recovery |
| Index terms: | risk management, weather, survey, commercial construction, economic cycle, organizational issue, lessons learned, strategy, recession, human resource, sampling, organizational learning, recovery |
| Subjects: | business, air quality, professional development, operations management, management, business management, economic analysis, risk assessment, construction type, data collection methods |
| Topics: | Construction Technology, Sustainability, Research Practice, Human Resources, Risk Management, Business Strategy, Organizational Design, Information Management, Project Management |
| Descriptive scope: | 3 PCE |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here