SOCIO-ECONOMIC AND ENVIRONMENTAL IMPACT OF CIRCULAR ECONOMY IN THE CONSTRUCTION INDUSTRY-ISSUE RELATED TO COMPARATIVE COST BENEFITS
The purpose of this research is to analyze the socio-economic and environmental impact of circular economy in the construction industry with focus on the issues related to the comparative cost benefits. Three objectives and research questions were raised to solve this research problem. The research method adopted is a qualitative technique with the use of empirical analysis to elicit the findings. Finding also revealed that these processes have significant potential to deliver economic, environmental and social benefits. Since some industries are particularly important for national and local economies, it is important to provide clarity about the expected net impact on employment across different sectors. This would also help policy-makers design well-targeted transitional policy measures to manage the negative impacts in some sectors as well as in national and local economies. There is also a need to understand the indirect effects on the economy (e.g., impacts on the value chain and/or changes in consumption spending patterns) in order to estimate the overall impacts at the national level. Additionally, some findings provide information on the employment potential of the circular economy in terms of the number of jobs it might create; much less emphasis has been placed in the literature on other social and employment impacts such as gender, skills, occupational and welfare effects, poverty and inequalities. This indicates that there is a need for more research that would address these aspects and also help policy-makers anticipate effects in different social groups.