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Skyscraper indicator and its application in the UK

Author

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  • Arvydas Jadevicius

Abstract

Objective: The research examines Skyscraper Indicator and its application in the UK. Until more recently, it was thought that this indicator was not suitable in gaging trajectory of Britain’s economy. The current study is therefore set to investigate whether Skyscraper Indicator can be used as a potential leading indicator for the UK. Research Design & Methods: Research employs dummy variable regression to test the hypothesis. The study selects quarterly UK GDP and GDP per capita series over Q1 1960-Q4 2014 period as macro variables and a series of dummies for construction starts, durations and completions of the record-breaking buildings in the UK. Findings: Despite some of the methodological limitations, estimates suggest that the announcement of the construction of tallest building in the UK is related to national GDP. Implications & Recommendations: To make robust economic forecasts, analysts may therefore use the announcement of the construction of the record breaking skyscraper as a possible bell-weather in gaging future direction of the UK economy. They may turn their gaze towards the London skyline when contemplating UK market movements. Contribution & Value Added: The paper adds additional evidence on the contested Skyscraper Indicator issue.

Suggested Citation

  • Arvydas Jadevicius, 2016. "Skyscraper indicator and its application in the UK," Entrepreneurial Business and Economics Review, Centre for Strategic and International Entrepreneurship at the Cracow University of Economics., vol. 4(2), pages 37-49.
    • Handle: RePEc:krk:eberjl:v:4:y:2016:i:2:p:37-49
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    References listed on IDEAS

    as
    1. Jason Barr, 2010. "Skyscrapers and the Skyline: Manhattan, 1895–2004," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 38(3), pages 567-597, September.
    2. Jason Barr & Bruce Mizrach & Kusum Mundra, 2015. "Skyscraper height and the business cycle: separating myth from reality," Applied Economics, Taylor & Francis Journals, vol. 47(2), pages 148-160, January.
    3. Helsley, Robert W. & Strange, William C., 2008. "A game-theoretic analysis of skyscrapers," Journal of Urban Economics, Elsevier, vol. 64(1), pages 49-64, July.
    4. Jason Barr, 2012. "Skyscraper Height," The Journal of Real Estate Finance and Economics, Springer, vol. 45(3), pages 723-753, October.
    5. Arvydas Jadevicius & Simon Huston, 2014. "A “family of cycles” – major and auxiliary business cycles," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 32(3), pages 306-323, April.
    6. Jason Barr, 2013. "Skyscrapers And Skylines: New York And Chicago, 1885–2007," Journal of Regional Science, Wiley Blackwell, vol. 53(3), pages 369-391, August.
    7. Nestor Garza & Colin Lizieri, 2012. "Skyscrapers and the economy," ERSA conference papers ersa12p414, European Regional Science Association.
    8. Jason Barr & Bruce Mizrach & Kusum Mundra, 2011. "Skyscraper Height and the Business Cycle: International Time Series Evidence," Working Papers Rutgers University, Newark 2011-003, Department of Economics, Rutgers University, Newark.
    9. Robin Bloch, 2010. "Dubai's Long Goodbye," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 34(4), pages 943-951, December.
    10. Newey, Whitney & West, Kenneth, 2014. "A simple, positive semi-definite, heteroscedasticity and autocorrelation consistent covariance matrix," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 33(1), pages 125-132.
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    More about this item

    Keywords

    Crisis; Economy; Indicator; Skyscraper; UK;
    All these keywords.

    JEL classification:

    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
    • C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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