Instagram Stories slider with Swiper

#TakeCharge with #Aimshala

Home>Explore Career>Construction Economic Analyst

How make a career in Construction Economic Analyst

A career as a Construction Economic Analyst offers a unique opportunity to influence the economic aspects of construction projects, focusing on cost estimation, financial analysis, and project feasibility. To embark on this career path, individuals typically need a strong academic background in economics, construction management, or a related field. Pursuing a bachelor's degree is essential, followed by potential specialization through master's programs in construction economics or project management. Gaining practical experience through internships, work placements, or involvement in construction projects enhances employability. Networking with professionals in the field and staying updated with the latest construction technologies and market trends are also crucial. With a blend of education, experience, and a passion for the construction industry, one can build a rewarding career dedicated to advancing construction economics.

Career in Construction Economic Analyst

Typically, a bachelor's degree in economics, construction management, or a related field is required, with advanced degrees often preferred for senior roles.

Key skills include analytical thinking, financial modeling, project management, and strong communication skills, which are vital for presenting economic analyses and recommendations.

Construction Economic Analysts often work in offices, but may also spend time on construction sites to gather data and assess project conditions.

Salaries vary widely based on experience, education, and location, with entry-level positions starting around $55,000 and experienced professionals earning over $120,000 annually.

Related careers include Cost Estimator, Project Manager, and Quantity Surveyor, each focusing on different aspects of construction economics but sharing a common goal of optimizing project costs.

What are the roles and responsibilities in Construction Economic Analyst?

  • Conducting Economic Analysis : Construction Economic Analysts assess the economic viability of construction projects by analyzing costs, benefits, and potential risks.
  • Budget Management : They prepare and manage budgets for construction projects, ensuring that financial resources are allocated efficiently.
  • Cost Estimation : Construction Economic Analysts develop cost estimates for projects, taking into account materials, labor, and overhead expenses.
  • Market Research : They conduct research on market trends, construction costs, and economic indicators to inform project decisions.
  • Reporting and Presentations : They prepare reports and presentations to communicate findings and recommendations to stakeholders, including project managers and clients.

What education is required to study Construction Economic Analyst

Check out the dates of the total number of candidates who have appeared in the CUET 2022 exam from the below table.

Stream

Graduation

After Graduation

After Post Graduation

Path 1

Completion of high school with a focus on mathematics, economics, and business studies.

Bachelor of Science in Economics, Construction Management, or a related field.

Master's degree in Construction Economics or Project Management.

Professional certifications such as Certified Construction Manager (CCM) or Project Management Professional (PMP).

Path 2

Completion of high school with emphasis on vocational training in construction or economics.

Bachelor's degree in Construction Management or Quantity Surveying.

Master's degree in Construction Economics or related fields.

Certifications in cost estimation or financial analysis.

Feeling unsure about
your future?

Let's find the perfect career path for you!
with AI-powered career guidance

Take Charge

What are the key skills required for Construction Economic Analyst

  • Analytical Skills - These skills are crucial for interpreting economic data and making informed decisions based on financial analysis.
  • Communication Skills - Effective communication is vital for sharing economic analyses and recommendations with stakeholders and clients.
  • Problem-Solving Skills - The ability to identify financial issues in construction projects and develop innovative solutions is essential for success.
  • Technical Skills - Proficiency with financial modeling software and construction management tools is important for conducting analyses.
  • Project Management Skills - Managing construction projects efficiently, including budgeting and timelines, is key to successful outcomes in construction economics.

What are the career opportunities in Construction Economic Analyst?

  • Cost Estimator - Cost Estimators analyze project costs and prepare detailed estimates to guide project budgeting and funding.
  • Project Manager - Project Managers oversee construction projects from start to finish, ensuring they are completed on time and within budget.
  • Quantity Surveyor - Quantity Surveyors manage all costs related to building and civil engineering projects, aiming to minimize costs while maximizing value.
  • Financial Analyst - Financial Analysts assess the financial health of construction firms and projects, providing insights for investment decisions.
  • Construction Consultant - Construction Consultants offer expert advice on project feasibility, cost management, and economic strategy in construction.

What is the salary and demand for Construction Economic Analyst?

  • Salary Overview - The typical salary for Construction Economic Analysts ranges from $55,000 for entry-level positions to over $120,000 for experienced professionals, with variations based on education and location.
  • Regional Salary Variations - Salaries can vary significantly by region; for example, Construction Economic Analysts in urban areas with high construction activity may earn more than those in rural settings.
  • Current Job Market Demand - The demand for Construction Economic Analysts is growing due to increasing construction projects, economic fluctuations, and the need for cost-effective solutions.
  • Future Demand Projections - Future demand for Construction Economic Analysts is expected to rise as construction projects become more complex and require detailed economic analysis.

Leading companies for careers in Construction Economic Analyst

Bechtel

Fluor Corporation

Kiewit Corporation

Jacobs Engineering

Skanska

Tishman Realty & Construction

Balfour Beatty

McKinsey & Company

What are the best colleges for Construction Economic Analyst in India?

Undergraduate

College

Location

Website

National Institute of Construction Management and Research

Pune

 https://www.nicmar.ac.in

Indian Institute of Technology, Delhi

New Delhi

 https://www.iitd.ac.in

L. D. College of Engineering

Ahmedabad

 https://www.ldce.ac.in

Jawaharlal Nehru Engineering College

Aurangabad

 https://www.jnec.org

Vellore Institute of Technology

Vellore

 https://www.vit.ac.in

Postgraduate

College

Location

Website

National Institute of Construction Management and Research

Pune

 https://www.nicmar.ac.in

Indian Institute of Technology, Bombay

Mumbai

 https://www.iitb.ac.in

Indian Institute of Management, Ahmedabad

Ahmedabad

 https://www.iima.ac.in

Indian Institute of Management, Calcutta

Kolkata

 https://www.iimcal.ac.in

Indian Institute of Technology, Madras

Chennai

 https://www.iitm.ac.in

What are the best colleges for Construction Economic Analyst in Abroad?

College

Location

Website

Massachusetts Institute of Technology

Cambridge, Massachusetts, USA

 https://www.mit.edu

Stanford University

Stanford, California, USA

 https://www.stanford.edu

University of California, Berkeley

Berkeley, California, USA

 https://www.berkeley.edu

University of Cambridge

Cambridge, United Kingdom

 https://www.cam.ac.uk

University of Toronto

Toronto, Canada

 https://www.utoronto.ca

What are the top entrance exams in India for pursuing a career in Construction Economic Analyst

College

Tentative Date

UG/PG

Important Elements

Website

National Institute of Construction Management and Research

May

Postgraduate

Construction Management, Economics, and General Knowledge.

 https://www.nicmar.ac.in

Indian Institute of Technology, Delhi

June

Undergraduate

Mathematics, Physics, and Chemistry.

 https://www.iitd.ac.in

Indian Institute of Management, Ahmedabad

October

Postgraduate

Management Aptitude, Economics, and Analytical Skills.

 https://www.iima.ac.in

Indian Institute of Technology, Bombay

April

Postgraduate

Mathematics, Economics, and General Knowledge.

 https://www.iitb.ac.in

Indian Institute of Technology, Madras

January

Postgraduate

Mathematics, Analytical Skills, and Engineering Drawing.

 https://www.iitm.ac.in

Pros & Cons of a Career in Construction Economic Analyst

Pros

  • Construction Economic Analysts play a crucial role in ensuring the financial viability of construction projects, making their work highly impactful and fulfilling.
  • The field offers competitive salaries, especially for those with advanced degrees and specialized skills.
  • Professionals in this field contribute positively to the efficiency and sustainability of construction practices through informed economic strategies.
  • The career provides opportunities for continuous learning and advancement in a dynamic and evolving industry.

Cons

  • The job can be demanding with long hours, especially during peak construction seasons or when conducting economic analyses.
  • Some roles may require extensive travel to construction sites, which can be physically taxing.
  • Funding uncertainties in construction projects can lead to job instability or limited resources.
  • The work can sometimes be isolating, especially for those engaged in extensive data analysis away from team settings.

Did you find this information helpful? 

Report

0 out of 0 found this helpful

Is (Career Name) a Good Career Choice for You?

Assess Your Career Fit Now

Take Charge

Is (Career Name) a Good Career Choice for You?

Assess Your Career Fit Now

Take Charge