Infrastructure and economic development are closely interlinked topics. The economic growth of a country has a key relationship with the country’s infrastructural base. The different examples of infrastructure are roads, water systems, airports, transportation etc. All these contribute to the industrial growth of the country.
One of the key infrastructural concept encompassing the above is the real estate sector. Real estate infrastructure includes residential, commercial, and industrial properties, not to forget, the supporting facilities and utilities as well. Economic development aims in enhancing the standard of living and well being of the inhabitants.
The real estate industry has grown leaps and bounds. With the increase in population, there is an increase in demand. Schools, hospitals, residential and commercial space continues progressing at a growing rate.
How does this promote economic growth? Skilled workers and increase in labor provides jobs and therefore increases the economic growth.
Other important aspect of real estate infrastructure is investments. With the increase in real estate projects, not only domestic investments are growing, the international investments and partnership also find its way into the country’s economy. Not only do they create jobs and a standard of living, but also attract more investors and capital formation. The growth in real estate is also attributed to the growth in connecting the nation. Roads and transportation increase tourism and enhance connectivity for not only travel, but also trade including imports and exports.
While it is essential to see these two concepts together, the growing businesses must not forget the need to contribute to the sustainability and environmental aspect of the country. A growth in the real estate market is a growth in a country’s economy. A decline indicates challenges and a need for the government to intervene. A clear path and blueprint will facilitate and encourage productivity and efficiency, therefore contributing to a smooth growth and prosperity of the country.
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