Construction Economics provides students with the principles and concepts underlying the relationship between economic theory and the construction industry. The New Approach adopts an argument that economics is central to government initiatives concerning sustainable construction. This edition has been revised to explain the effects of the current economic crisis on the construction industry. In addition, sections relating to less developed countries, the economics of sustainable development and theories relating to a firm's bid strategy have all been rewritten. With new data, examples, initiatives, readings, glossary items and references, the third edition of this established core text builds on the strengths of the previous edition: * a clear and user-friendly style * use of a second colour to highlight important definitions and formulae * regular summaries of key points * a glossary of key terms * extensive use of tables and figures * extracts from the academic journal Construction Management and Economics to consolidate and prompt discussion * reviews of useful websites. This invaluable textbook is essential reading across a wide range of disciplines from construction management and civil engineering to architecture, property and surveying.