Optimizing safety investments for building projects in Singapore

The construction industry is increasingly reliant on the voluntary effort to reduce accidents on construction sites. The aim of this study is to investigate the financially optimum level of safety investments of building projects in Singapore. Data was collected using multiple sources (e.g., structured interviews, questionnaire, and archival records). The results show that safety performance of building projects is determined by safety investments, safety culture and project hazard level as well as their interactions. The effect of safety investments on safety performance varies with different levels of safety culture and project hazard. The total accident costs of building projects are influenced by both accident frequency rate and project hazard level. The financially optimum level of voluntary safety investments varies with different levels of safety culture and project hazard. Such knowledge provides the basis for financial decision making to manage construction safety for building contractors.