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Altuwaim, A and El-Rayes, K (2018) Optimizing the Scheduling of Repetitive Construction to Minimize Interruption Cost. Journal of Construction Engineering and Management, 144(07).
Hasanzadeh, S, Esmaeili, B and Dodd, M D (2018) Examining the Relationship between Construction Workers’ Visual Attention and Situation Awareness under Fall and Tripping Hazard Conditions: Using Mobile Eye Tracking. Journal of Construction Engineering and Management, 144(07).
Hosseini, M R, Martek, I, Chileshe, N, Zavadskas, E K and Arashpour, M (2018) Assessing the Influence of Virtuality on the Effectiveness of Engineering Project Networks: “Big Five Theory” Perspective. Journal of Construction Engineering and Management, 144(07).
Hwang, S, Jebelli, H, Choi, B, Choi, M and Lee, S (2018) Measuring Workers’ Emotional State during Construction Tasks Using Wearable EEG. Journal of Construction Engineering and Management, 144(07).
Jordan Srour, F, Kiomjian, D and Srour, I M (2018) Automating the Use of Learning Curve Models in Construction Task Duration Estimates. Journal of Construction Engineering and Management, 144(07).
Karakhan, A A, Rajendran, S, Gambatese, J and Nnaji, C (2018) Measuring and Evaluating Safety Maturity of Construction Contractors: Multicriteria Decision-Making Approach. Journal of Construction Engineering and Management, 144(07).
Karimi, H, Taylor, T R B, Dadi, G B, Goodrum, P M and Srinivasan, C (2018) Impact of Skilled Labor Availability on Construction Project Cost Performance. Journal of Construction Engineering and Management, 144(07).
Konstantinou, E and Brilakis, I (2018) Matching Construction Workers across Views for Automated 3D Vision Tracking On-Site. Journal of Construction Engineering and Management, 144(07).
Lee, C Y, Chong, H and Wang, X (2018) Enhancing BIM Performance in EPC Projects through Integrative Trust-Based Functional Contracting Model. Journal of Construction Engineering and Management, 144(07).
Liu, J and Lu, M (2018) Constraint Programming Approach to Optimizing Project Schedules under Material Logistics and Crew Availability Constraints. Journal of Construction Engineering and Management, 144(07).
Masih-Tehrani, M and Ebrahimi-Nejad, S (2018) Hybrid Genetic Algorithm and Linear Programming for Bulldozer Emissions and Fuel-Consumption Management Using Continuously Variable Transmission. Journal of Construction Engineering and Management, 144(07).
Mirzaei, A, Nasirzadeh, F, Parchami Jalal, M and Zamani, Y (2018) 4D-BIM Dynamic Time–Space Conflict Detection and Quantification System for Building Construction Projects. Journal of Construction Engineering and Management, 144(07).
Sankaran, B and O’Brien, W J (2018) Impact of CIM Technologies and Agency Policies on Performance for Highway Infrastructure Projects. Journal of Construction Engineering and Management, 144(07).
Swei, O (2018) Long-Run Construction Cost Trends: Baumol’s Cost Disease and a Disaggregate Look at Building Material Price Dynamics. Journal of Construction Engineering and Management, 144(07).
- Type: Journal Article
- Keywords: Baumol’s cost disease; Building materials; Construction costs; Labor productivity; Time-series analysis;
- ISBN/ISSN: 0733-9364
- URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0001511
- Abstract:
Decision-support tools for infrastructure planning assume that the real cost of construction (i.e., the cost of construction when adjusting for inflation) will remain constant over the life cycle of a facility. This paper is the first of its kind to evaluate the validity of this assumption by assessing the long-run (i.e., multidecade) nature of construction costs. This study begins by testing for the possibility that Baumol’s cost disease, a phenomenon found in some industries in which labor compensation growth outpaces productivity gains, thus giving way to real cost growth, afflicts the construction sector. To do so, a series of regression models are developed using historical macroeconomic data from the US Bureau of Economic Analysis on construction costs, compensation, productivity, and the price of intermediate and capital goods. Because construction cost growth is also closely tied to price changes for inputs, this research extracts long-run real price trends of important intermediate goods used in construction through time-series methods applied to publicly available data from the US Bureau of Labor Statistics and the US Geological Survey. The results of this study provide strong empirical evidence that Baumol’s cost disease is present within the construction sector, whereas the real price of most construction commodities has not exhibited a negative nor positive secular trend over the last century. These two findings suggest that, contrary to the conventional assumption found in current analytical frameworks, the real cost of construction will rise in the long run. This study’s contribution should motivate decision-makers to re-examine their existing decision-support tools, because the value of policies that reduce project completion times and increase the service life of facilities is potentially much higher than currently anticipated.
Trinh, M T, Feng, Y and Jin, X (2018) Conceptual Model for Developing Resilient Safety Culture in the Construction Environment. Journal of Construction Engineering and Management, 144(07).