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Where, When, and by How Much Does Abnormal Weather Affect Housing Construction?

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  • Fergus, James T

Abstract

This article investigates whether departures from normal in precipitation or temperature have a significant contemporaneous effect on housing starts in each month of the year, for the nation as a whole and in each of the four Census regions. It also evaluates the extent to which these immediate effects are reversed in later months. The results indicate that atypical weather has statistically significant effects on the change in housing starts that are concentrated in the months of the first quarter and that the magnitude of these effects is quite substantial. However, such effects also are found in some other months as well. Significant lagged effects are found that tend to offset the contemporaneous effects of weather deviations. Copyright 1999 by Kluwer Academic Publishers

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  • Fergus, James T, 1999. "Where, When, and by How Much Does Abnormal Weather Affect Housing Construction?," The Journal of Real Estate Finance and Economics, Springer, vol. 18(1), pages 63-87, January.
  • Handle: RePEc:kap:jrefec:v:18:y:1999:i:1:p:63-87
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    References listed on IDEAS

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    1. Patric H. Hendershott & Bryan D. MacGregor & Raymond Y.C. Tse, 2002. "Estimation of the Rental Adjustment Process," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 30(2), pages 165-183.
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    4. James R. Frew & G. Donald Jud, 1988. "The Vacancy Rate and Rent Levels in the Commercial Office Market," Journal of Real Estate Research, American Real Estate Society, vol. 3(1), pages 1-8.
    5. Dilek Pekdemir & Oven Attila, 2004. "Improving Hedonic Office Rent Prediction Models," ERES eres2004_197, European Real Estate Society (ERES).
    6. Thomas P. Brennan & Roger E. Cannaday & Peter F. Colwell, 1984. "Office Rent in the Chicago CBD," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(3), pages 243-260.
    7. William C. Wheaton & Raymond G. Torto, 1988. "Vacancy Rates and the Future of Office Rents," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 430-436.
    8. Shilling, James D. & Sirmans, C. F. & Corgel, John B., 1987. "Price adjustment process for rental office space," Journal of Urban Economics, Elsevier, vol. 22(1), pages 90-100, July.
    9. Webb, R. Brian & Fisher, Jeffrey D., 1996. "Development of an Effective Rent (Lease) Index for the Chicago CBD," Journal of Urban Economics, Elsevier, vol. 39(1), pages 1-19, January.
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    Cited by:

    1. Bertrand, Jean-Louis & Brusset, Xavier & Fortin, Maxime, 2015. "Assessing and hedging the cost of unseasonal weather: Case of the apparel sector," European Journal of Operational Research, Elsevier, vol. 244(1), pages 261-276.
    2. Ball, Michael & Meen, Geoffrey & Nygaard, Christian, 2010. "Housing supply price elasticities revisited: Evidence from international, national, local and company data," Journal of Housing Economics, Elsevier, vol. 19(4), pages 255-268, December.
    3. Bradley Ewing & Jamie Kruse & Yongsheng Wang, 2007. "Local housing price index analysis in wind-disaster-prone areas," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 40(2), pages 463-483, February.
    4. Sutter Daniel & Ewing Bradley T., 2016. "State of Knowledge of Economic Value of Current and Improved Hurricane Forecasts," Journal of Business Valuation and Economic Loss Analysis, De Gruyter, vol. 11(1), pages 45-64, June.

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