Review of Exogenous Economic Indicators Influencing Construction Industry

Abstract

Research works into the effect of economic factors on the construction industry are enormous. But finding the core economic factors is limited in the Ghanaian construction industry. In an attempt to address this research gap, this study articulates the aim of identifying exogenous economic factors influencing the construction industry through a qualitative literature review. The study used secondary data collected from over 50 published journals, conference papers, and dissertations on exogenous factors. Fifty-nine exogenous factors were identified, and the most prevailing ones were GDP, exchange rate, inflation, interest rate, consumer price index, etc. It also revealed that black market is a factor affecting construction industry in Saudi Arabia. The study contributes to the literature by highlighting generic and specific exogenous factors that should be of concern to players in the construction industry including policy makers in their project planning. This will help to reduce the incidence of high failure rate of construction firms. Again, it establishes the need to further study the real impact of these exogenous factors as well as the strategies to mitigate the influence of exogenous factors on the construction industry as this study was limited to qualitative literature review.

Application of Multivariate Time Series Cluster Analysis to Regional Socioeconomic Indicators of Municipalities

“…The proposed methodological approach could be applied in various fields to improve the decision making process. For instance, Asamoah et al (2019) conducted an extensive literature analysis of the economic indicators influencing construction industry. The research identified 59 indicators based on literature analysis.…”

“…However, real estate analysis is not only limited to price analysis. Asamoah et al (2019) conducted an extensive literature analysis to determine the influence of economic indicators which are important for players in the construction industry including policy makers. The determination of economic factors f the construction industry could reduce the incidence of the high failure rate of construction firms.…”

Towards methodological adventure in cost overrun research: linking process and product

“…Brereton et al (2007) emphasize the necessity of adopting systematic methods to evaluate and aggregate existing research outcomes, as a prerequisite to 'a balanced and objective summary of research evidence for a particular topic' (p. 571). In construction management research, literature reviews are commonly adopted as a form of methodology (Hong and Chan 2014;Osei-Kyei and Chan 2015;Asamoah et al 2019;Odeck 2019). Within the realm of cost overrun research, several studies including Cantarelli et al (2012), Odeck (2004Odeck ( , 2019, and Asamoah et al (2019) have used systematic literature reviews to preview and draw conclusions on specific aspects of the cost overrun literature.…”

“…In construction management research, literature reviews are commonly adopted as a form of methodology (Hong and Chan 2014;Osei-Kyei and Chan 2015;Asamoah et al 2019;Odeck 2019). Within the realm of cost overrun research, several studies including Cantarelli et al (2012), Odeck (2004Odeck ( , 2019, and Asamoah et al (2019) have used systematic literature reviews to preview and draw conclusions on specific aspects of the cost overrun literature. Cantarelli et al (2012) as well as Odeck (2004), examined the geographical variability and sizes of cost overrun reported in the literature, while Odeck (2019) and Asamoah et al (2019) focused on their econometric determinants.…”

“…Within the realm of cost overrun research, several studies including Cantarelli et al (2012), Odeck (2004Odeck ( , 2019, and Asamoah et al (2019) have used systematic literature reviews to preview and draw conclusions on specific aspects of the cost overrun literature. Cantarelli et al (2012) as well as Odeck (2004), examined the geographical variability and sizes of cost overrun reported in the literature, while Odeck (2019) and Asamoah et al (2019) focused on their econometric determinants. Previous studies have thus focused more on the more practical/ tangible characteristics/determinants of cost overruns reported in the literature and less on the philosophical/methodological issues underlying their investigation.…”