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A longitudinal analysis on the relationship between construction output and GDP in Hong Kong

Author

Listed:
  • C. Y. Yiu
  • X. H. Lu
  • M. Y. Leung
  • W. X. Jin

Abstract

The relationship between construction output and economic growth has been well discussed by construction economists. Most of the previous studies found a positive correlation between gross domestic product (GDP) per capita and various measures of construction output. However, cross-sectional analysis was commonly adopted but longitudinal analysis has been called upon. Furthermore, recent research argued that non-linear relationship between GDP and construction output exists because of different stages of economic development in different countries. They explained the phenomenon by means of the change of the growth rates of construction output at different stages of economic development, but the argument has not yet been rigorously tested. With the availability of long time-series of data of Hong Kong construction industry, this paper attempts to test longitudinally the relationship between the real growth rate of construction output and the real growth rate of GDP. It was found that the growth rate of GDP led that of construction output, and as the growth rate of GDP increased, the growth rate of construction output was marginally diminishing. It agrees with the proposition that construction industry is relatively inefficient in productivity improvement and the accumulation of capital investment results in a marginally diminishing growth of construction output.

Suggested Citation

  • C. Y. Yiu & X. H. Lu & M. Y. Leung & W. X. Jin, 2004. "A longitudinal analysis on the relationship between construction output and GDP in Hong Kong," Construction Management and Economics, Taylor & Francis Journals, vol. 22(4), pages 339-345.
    • Handle: RePEc:taf:conmgt:v:22:y:2004:i:4:p:339-345
    DOI: 10.1080/0144619042000176465
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    Citations

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    Cited by:

    1. Ma, Le & Liu, Henry J. & Edwards, David J. & Sing, Michael C.P., 2021. "Housing price dynamics on residential construction: A case study of the Australian property sector," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 525-532.
    2. Yu Song & Chunlu Liu & Craig Langston, 2006. "Extending construction linkage measures by the consideration of the impact of capital," Construction Management and Economics, Taylor & Francis Journals, vol. 24(11), pages 1207-1216.
    3. Leonida Correia & Maria Joao Ribeiro, 2023. "Macroeconomics and the Construction Sector: Evidence from Portugal," Athens Journal of Business & Economics, Athens Institute for Education and Research (ATINER), vol. 9(1), pages 9-26, January.
    4. Jingxin Gao & Xilai Tang & Hong Ren & Weiguang Cai, 2019. "Evolution of the Construction Industry in China from the Perspectives of the Driving and Driven Ability," Sustainability, MDPI, vol. 11(6), pages 1-19, March.
    5. Bryane Michael, 2018. "What does Brunei teach us about using Human Development Index rankings as a policy tool?," Development Policy Review, Overseas Development Institute, vol. 36(S1), pages 414-431, March.
    6. Erol, Isil & Unal, Umut, 2015. "Role of Construction Sector in Economic Growth: New Evidence from Turkey," MPRA Paper 68263, University Library of Munich, Germany.

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