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Demian, P and Walters, D (2014) The advantages of information management through building information modelling. Construction Management and Economics, 32(12), 1153-65.
Jiang, H and Liu, C (2014) A panel vector error correction approach to forecasting demand in regional construction markets. Construction Management and Economics, 32(12), 1205-21.
- Type: Journal Article
- Keywords:
- ISBN/ISSN: 0144-6193
- URL: https://doi.org/10.1080/01446193.2014.977800
- Abstract:
Reliable forecasting as to the level of aggregate demand for construction is of vital importance to developers, builders and policymakers. Previous construction demand forecasting studies mainly focused on temporal estimating using national aggregate data. The construction market can be better represented by a group of interconnected regions or local markets rather than a national aggregate, and yet regional forecasting techniques have rarely been applied. Furthermore, limited research has applied regional variations in construction markets to construction demand modelling and forecasting. A new comprehensive method is used, a panel vector error correction approach, to forecast regional construction demand using Australia's state-level data. The links between regional construction demand and general economic indicators are investigated by panel cointegration and causality analysis. The empirical results suggest that both long-run and causal links are found between regional construction demand and construction price, state income, population, unemployment rates and interest rates. The panel vector error correction model can provide reliable and robust forecasting with less than 10% of the mean absolute percentage error for a medium-term trend of regional construction demand and outperforms the conventional forecasting models (panel multiple regression and time series multiple regression model). The key macroeconomic factors of construction demand variations across regions in Australia are also presented. The findings and robust econometric techniques used are valuable to construction economists in examining future construction markets at a regional level.
Lavy, S, Garcia, J A, Scinto, P and Dixit, M K (2014) Key performance indicators for facility performance assessment: simulation of core indicators. Construction Management and Economics, 32(12), 1183-204.
Naderpajouh, N and Hastak, M (2014) Quantitative analysis of policies for governance of emergent dynamics in complex construction projects. Construction Management and Economics, 32(12), 1222-37.
Storvang, P and Clarke, A H (2014) How to create a space for stakeholders’ involvement in construction. Construction Management and Economics, 32(12), 1166-82.