A capital project is a long-term, capital-intensive investment to build upon, add to, or improve a capital asset. Capital projects are defined by their large scale and large cost relative to other investments that involve less planning and resources. (definition source: Investopedia)
Every year, construction grows more complex due to macro-level trends such as global labor shortages, unpredictable resource supply chains, and increasingly stringent construction requirements (e.g. safety, durability, sustainability), as well as increasing expectations from various stakeholders.
A capital project is an often-pricey, long-term project to expand, maintain, or improve upon a significant piece of property.
Examples of capital projects include:
Heavy civil construction projects (especially those with large or linear footprints, such as a subway that spans many miles),
Industrial projects with complex engineering and procurement challenges
Projects with hyper-custom MEP (mechanical, electrical, and plumbing) systems (such as a power plant facility)
Renovation projects can also be incredibly large commercial, residential, or mixed-used projects in high-density environments, where access to sites is constrained by traffic, space, or other factors.
Geographic locations with challenging weather or environmental conditions can also add complexity in construction projects (e.g. building in Antarctica, underwater, or underground).