The Built Environment as a Value Chain Process

The built environment and the construction industry are the key sectors in a functional economy as many economic activities take place in these structures. In functional economies, the main priorities are given to infrastructure development as it is one of the key drivers towards economic development and performance. There are many initiatives in the construction industry that creates less wasteful and operationally efficient building lifecycles through technological uptake, Internet of things and sustainable construction design. Importance of the built environment and the construction industry for triple bottom line of sustainability cannot be ignored since the built environment and construction have high economic importance and evident environmental and social impacts. Every business needs premises to operate and the built environment has significant direct and indirect impacts on social wellbeing and the livelihoods and affluence of local communities and individuals. Therefore, built environment has a significant role in sustainable development and significant potential also in shared value creation thus throughout the development process. This paper is a desktop research based on available literature paying particular attention to the need of investing in infrastructure in developing countries. The basic idea of this paper is to understand shared value creation in built environment context and the wellbeing of the society, users and residents.