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The Supply of Construction Services: An Econometric Analysis of Uk Data

Akintoye, Akintola S. & Skitmore, Martin (1991) The Supply of Construction Services: An Econometric Analysis of Uk Data. In Malcom, Horner & Marko, Zaja (Eds.) 4th Yugoslav Symposium Construction Project Modeling and Productivity, April 1991, University of Zagreb, Yugoslavia.

Abstract

Analysis of UK data shows that the supply of construction services is influenced by prices, productivity, seasons, competitive intensity, and strikes, but not resource costs. The lead periods and multiple correlations of several variables thought to influence construction supply were estimated by a least squares method. Construction price, with a zero lead, unitary elasticity, and positive correlation, was found to have the greatest influence on supply. Other variables were found to be generally inelastic. Productivity, with a four quarter lead, was found to be positively correlated with supply. Summer, spring and autumn seasons were also positively correlated with supply. The number of construction firms, with a eight quarter lead, were positively correlated with supply, and strikes involving persons directly or indirectly connected with construction industry, with a three quarter lead, were negatively correlated with supply. The price of factors of production, with a two quarter lead, had an expected negative relationship with construction supply but was not statistically significant. The estimated models derived from the analysis were found to be dynamically stable.

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ID Code: 4475
Item Type: Conference Paper
Keywords: Construction supply, productivity, price, input cost, seasonal variation, multiple regression, lead variables
Subjects: Australian and New Zealand Standard Research Classification > BUILT ENVIRONMENT AND DESIGN (120000) > BUILDING (120200)
Divisions: Past > QUT Faculties & Divisions > Faculty of Built Environment and Engineering
Copyright Owner: Copyright 1991 (please consult author)
Deposited On: 19 Jun 2006
Last Modified: 09 Jun 2010 22:32

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