Preparing Singapore's construction industry for the knowledge-based economy: Practices, procedures and performance

Abstract

Many post-industrial economies are deemed to have entered a stage where knowledge and innovation are the main determinants of corporate competitiveness and national growth and development. This 'knowledge-based economy' has implications for all business activities. Singapore has prepared inter-related concept plans to guide its socio-economic development in the new age. What challenges does the knowledge-based economy pose to the construction industry? How can Singapore develop its construction industry to meet these demands? This paper begins by discussing the features of the knowledge-based economy. It outlines Singapore's strategies for developing a knowledge-based economy, and measures being taken to prepare the construction industry for such an economy, focusing on improvement in practices, integration of the construction process and export of services. It is suggested that other aspects require attention, including corporate development, business networks and procurement arrangements, and that the industry should be more involved in the implementation of these initiatives.