Construction is believed to be less dynamic than other major economic sectors. This industry displays a bell shaped share in GNP, that follows the pattern of manufacturing over the long, as labor moves towards services and construction employment share is declining. This pattern has important policy implications since construction is a growth engine at lower development stages. This study addresses this issue by using Growth and Productivity Accounts that include measures of output growth, employment and skill creation, capital formation and total-factor productivity (TFP) for selected OECD countries. Input measures include various categories of capital (K), labour (L), energy (E), material (M) and service inputs (S). The methodology builds upon the well known total-factor productivity (TFP) analysis. Growth accounting allows one to assess the relative importance of labour, capital and intermediate inputs to growth, and to derive measures of total-factor productivity (TFP) growth. TFP indicates the efficiency with which inputs are being used in the production process and is an important indicator of technological change. This framework can complement standard IO analysis to assess the significant role played by the construction industry in the economic growth of any country.

Sources of construction growth in selected OECD countries

GREGORI, TULLIO;
2009-01-01

Abstract

Construction is believed to be less dynamic than other major economic sectors. This industry displays a bell shaped share in GNP, that follows the pattern of manufacturing over the long, as labor moves towards services and construction employment share is declining. This pattern has important policy implications since construction is a growth engine at lower development stages. This study addresses this issue by using Growth and Productivity Accounts that include measures of output growth, employment and skill creation, capital formation and total-factor productivity (TFP) for selected OECD countries. Input measures include various categories of capital (K), labour (L), energy (E), material (M) and service inputs (S). The methodology builds upon the well known total-factor productivity (TFP) analysis. Growth accounting allows one to assess the relative importance of labour, capital and intermediate inputs to growth, and to derive measures of total-factor productivity (TFP) growth. TFP indicates the efficiency with which inputs are being used in the production process and is an important indicator of technological change. This framework can complement standard IO analysis to assess the significant role played by the construction industry in the economic growth of any country.
2009
9789536272341
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11368/2334228
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