South Korea and China focus on green construction jobs
We take a look at green construction jobs and how boosting them can help drive economic recovery following COVID-19.
The impact of coronavirus has been apparent across many industries, the construction industry has been one of the hardest hit.
Now a sudden and severe global recession has hit, lessons can be learned from the 2008 recession. Many industries recovered quicker than expected thanks to the introduction and increased focus on green economy. Green construction jobs could hold the key to quicker recovery in construction.
An example of a solid recovery from the 2008 recession was South Korea’s 2009-10 growth. The growth was a result of the investment in sustainable transport and green infrastructure. This included various subsidy’s on clean energy solutions such as solar rooftops.
South Korea, in addition to Ethiopia, is currently working to repeat this approach with a focus on digitalisation in order for a quicker economic recovery.
China’s first steps
As the first country to be hit with the COVID-19 pandemic, China has now begun its economic recovery. So far, it is showing signs of economic advancements. Li Fang, Chief Representative of WRI China said: "We are looking to increase investment in new infrastructure such as ultra-high-voltage grid connection to facilitate renewable energy, intercity transport and electric vehicle charging stations, 5G, artificial intelligence and the industrial internet”.
He then went on to say: "New investment should bring long-term benefits. We are learning from the past when, after 2008, recovery carbon emissions increased faster than ever and we don’t want this to happen again."
USA set to follow
The United States was hit much harder by the coronavirus pandemic, with over three and a half million cases. Although the virus is still very active in the nation, it has begun its first steps to recovery.
Dan Lashof, WEI’s US branch Director, is campaigning to push renewable energy and grid upgrades whilst reviving wind and solar power to be a major part of the nations post-pandemic recovery.
He said: "The sectors used to employ 350,000 people and were fast-growing. The pre-existing tax credits can be used again. The grid can be upgraded in a smart way, and electric cars and their charging infrastructure, and transit buses can be backed, lowering operating costs. This would put thousands of electricians back to work.”
He then went on to say: "Additionally, upgrading buildings with energy efficiency and climate resilience would employ a huge number, " added Lashof. "Installing weatherisation for low income households, and retro-fitting hospitals and schools to lower their costs with more efficient equipment would also create tens of thousands of jobs. Planting trees would create 150,000 jobs, targeting agricultural land. 5 million trees would contribute significantly to the global target of 1 trillion trees planted."
Although coronavirus is still very much evident in many countries around the world, signs of recovery continue to become clearer as we enter the second half of 2020, and green investment looks like it could be the way forward to faster economic recovery in many nations across the world.
Cordless power tools market to reach US$26.2bn by 2026
The revenue of the cordless power tools market will grow by a compounded annual growth rate (CAGR) of 10.54% reaching US$26.2bn by 2026, a new Aritzon report predicts. The report provides an in-depth analysis and insights into the impact of COVID-19 on the market, revealing that drills and fastening tools accounted for the highest revenue.
According to the research, this segment of the market generated an additional US$2.37bn expected to increase by a CAGR of 8.49% during the 2020-2026 forecast period. Other findings included APAC having the fastest growth in the cordless power tools market which is expected to grow at a CAGR of 12.34%.
The report divides the market into sections such as tool type, end-user, dynamics, and geography, as well as by country and major vendors, including Stanley, Black & Decker, Bosch, and Makita.
Under market segmentation, the report revealed that the industrial end-user segment, comprising both the automotive and construction industries, generated the most revenue in the cordless power tools market in 2020.
One of the biggest factors increasing the demand for cordless power tools was DIY, including home improvements and wood-crafting. In addition, the residential segment is expected to grow due to more homes and buildings being constructed.
In Geographical terms, America had the largest market for cordless power tools in 2020, a position it is expected to hold during the forecast period. The US is home to several large industries including aerospace, electronics, and packing, in addition to the construction and automotive sectors.
Speedy: The construction equipment and services provider
Speedy, a construction services and equipment company, has invested £10mn (USD) into new products to allow it to uphold its promise of a four-hour guaranteed delivery service. The company launched the service in response to rising customer demand for quicker site deliveries.
The company says the investment will add 25,000 new assets to its most popular products and boost the availability of equipment from its UK and Ireland-based service centres. In the past year, Speedy has made 13,000 four-hour deliveries, increasing by 30% year on year.
Dan Evans, Chief Operating Officer at Speedy, said: “The growing demand for our four-hour delivery promise reflects the value it’s providing our customers, helping them to be more productive and complete projects on time by giving them quick access to essential site equipment.
“This latest investment boosts the availability of our top products throughout the UK. It provides our customers with the reassurance that we can support them to get the job done on time so that they can avoid costly delays to the projects they are working on”, he added.
The four-hour delivery service means that the company guarantees w=equipment to be delivered to a customer anywhere in the UK within four hours of being ordered. If an item is delivered outside of this window, customers receive free hire for a week, Speedy says.