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Akhavian, R and Behzadan, A H (2013) Knowledge-Based Simulation Modeling of Construction Fleet Operations Using Multimodal-Process Data Mining. Journal of Construction Engineering and Management, 139(11).

Chou, J, Irawan, N and Pham, A (2013) Project Management Knowledge of Construction Professionals: Cross-Country Study of Effects on Project Success. Journal of Construction Engineering and Management, 139(11).

De Jarnette, V, McCarthy, L M, Bennert, T and Guercio, M C (2013) Use of Mechanistic-Empirical Pavement Design Principles to Assign Asphalt Pavement Pay Factor Adjustments. Journal of Construction Engineering and Management, 139(11).

El Asmar, M, Hanna, A S and Loh, W (2013) Quantifying Performance for the Integrated Project Delivery System as Compared to Established Delivery Systems. Journal of Construction Engineering and Management, 139(11).

Goedert, J D and Sekpe, V D (2013) Decision Support System–Enhanced Scheduling in Matrix Organizations Using the Analytic Hierarchy Process. Journal of Construction Engineering and Management, 139(11).

Hindman, D P, Timko, P D and Nussbaum, M A (2013) Mechanical Response of Unbraced Wood Composite I-Joist to Walking Loads. Journal of Construction Engineering and Management, 139(11).

Hwang, B and Soh, C K (2013) Trade-Level Productivity Measurement: Critical Challenges and Solutions. Journal of Construction Engineering and Management, 139(11).

Jiang, H, Xu, Y and Liu, C (2013) Construction Price Prediction Using Vector Error Correction Models. Journal of Construction Engineering and Management, 139(11).

  • Type: Journal Article
  • Keywords: Predictions; Construction costs; Pricing; Financial factors; Models; Prediction; Construction price; Vector error correction; Global financial crisis; Cost and schedule;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0000729
  • Abstract:
    Reliable prediction of construction prices is essential for the construction industry because price variation can affect the decisions of construction contractors, property investors, and related financial institutions. Various modeling and prediction techniques for construction prices have been studied, but few researchers have considered the impact of global economic events and the seasonality of construction prices. In this study, global economic events and construction price seasonality as intervention dummies, together with a group of macroeconomic variables, are considered in a vector error correction (VEC) model to accurately predict the movement of construction prices. The proposed prediction model is verified against a series of diagnostic statistical criteria and compared with conventional VEC, multiregression, and Box-Jenkins approaches. Results indicate that the VEC model with dummy variables is more effective and reliable for forecasting construction prices. The VEC model with dummy variables can also assist construction economists to analyze the effect of special events and factors on the construction industry.

Kang, Y, Kim, C, Son, H, Lee, S and Limsawasd, C (2013) Comparison of Preproject Planning for Green and Conventional Buildings. Journal of Construction Engineering and Management, 139(11).

Leung, M, Yu, J and Liang, Q (2013) Improving Public Engagement in Construction Development Projects from a Stakeholder’s Perspective. Journal of Construction Engineering and Management, 139(11).

Ning, Y and Ling, F Y Y (2013) Reducing Hindrances to Adoption of Relational Behaviors in Public Construction Projects. Journal of Construction Engineering and Management, 139(11).

Pikas, E, Sacks, R and Hazzan, O (2013) Building Information Modeling Education for Construction Engineering and Management. II: Procedures and Implementation Case Study. Journal of Construction Engineering and Management, 139(11).

Praticò, F G (2013) New Road Surfaces: Logical Bases for Simple Quality-Related Pay Adjustments. Journal of Construction Engineering and Management, 139(11).

Sacks, R and Pikas, E (2013) Building Information Modeling Education for Construction Engineering and Management. I: Industry Requirements, State of the Art, and Gap Analysis. Journal of Construction Engineering and Management, 139(11).

Thomas, A, Davis, B, Dadi, G B and Goodrum, P M (2013) Case Study on the Effect of 690 mpa (100 ksi) Steel Reinforcement on Concrete Productivity in Buildings. Journal of Construction Engineering and Management, 139(11).

Won, J, Lee, G, Dossick, C and Messner, J (2013) Where to Focus for Successful Adoption of Building Information Modeling within Organization. Journal of Construction Engineering and Management, 139(11).