UnitoneMajorTypesofConstructionHowever,manyownersrequireperiodicacquisitionofnewfacilitiesand/orrehabilitationofexistingfacilities.Itistotheiradvantagetokeeptheconstructionindustryhealthyandproductive.Collectively,theownershavemorepowertoinfluencetheconstructionindustrythantheyrealizebecause,bytheirindividualactions,theycanprovideincentivesordisincentivesforinnovation,efficiencyandqualityinconstruction.Itistotheinterestofallpartiesthattheownerstakeanactiveinterestintheconstructionandexercisebeneficialinfluenceontheperformanceoftheindustry.Inplanningforvarioustypesofconstruction,themethodsofprocuringprofessionalservices,awardingconstructioncontracts,andfinancingtheconstructedfacilitycanbequitedifferent.Forthepurposeofdiscussion,thebroadspectrumofconstructedfacilitiesmaybeclassifiedintofourmajorcategories,eachwithitsowncharacteristics.Residentialhousingconstructionincludessingle-familyhouses,multi-familydwellings,andhigh-riseapartments.Duringthedevelopmentandconstructionofsuchprojects,thedevelopersorsponsorswhoarefamiliarwiththeconstructionindustryusuallyserveassurrogateownersandtakecharge,makingnecessarycontractualagreementsfordesignandconstruction,andarrangingthefinancingandsaleofthecompletedstructures.Residentialhousingdesignsareusuallyperformedbyarchitectsandengineers,andtheconstructionexecutedbybuilderswhohiresubcontractorsforthestructural,mechanical,electricalandotherspecialtywork.Anexceptiontothispatternisforsingle-familyhouses,whichmaybedesignedbythebuildersaswell.Theresidentialhousingmarketisheavilyaffectedbygeneraleconomicconditions,taxlaws,andthemonetaryandfiscalpoliciesofthegovernment.Often,aslightincreaseintotaldemandwillcauseasubstantialinvestmentinconstruction,sincemanyhousingprojectscanbestartedatdifferentlocationsbydifferentindividualsanddevelopersatthesametime.Becauseoftherelativeeaseofentry,atleastatthelowerendofthemarket,manynewbuildersareattractedtotheresidentialhousingconstruction.Hence,thismarketishighlycompetitive,withpotentiallyhighrisksas