Benchmarking international construction costs

Research output: Chapter in Book/Report/Conference proceedingChapterResearchpeer-review

Abstract

The routine approach for international benchmarking is to convert construction costs into US dollars, so that at least all costs are in the same currency. Purchasing power parity is an alternative to currency conversion. The concept has been around since the 16th century, but was developed into its modern form by Gustav and used by economists ever since. It assumes that, in the absence of transaction costs and official trade barriers, identical goods will have the same price in different markets when the prices are expressed in a given currency. Turner and Townsend is the latest survey of construction prices and embraces 46 cities. They have used an identical framework for presenting their data. This makes it possible to objectively compare 2013 and 2018 costs and to see if the same conclusions reported in Langston can be replicated.
Original languageEnglish
Title of host publicationGlobal Construction Data
EditorsStephen Gruneberg
Place of PublicationLondon
PublisherRoutledge
Chapter3
Number of pages16
ISBN (Electronic)9780429435911
DOIs
Publication statusPublished - 12 Aug 2019

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International construction
Benchmarking
Construction costs
Currency
Costs
Transaction costs
Trade barriers
Purchasing power parity
Economists

Cite this

Langston, C. A. (2019). Benchmarking international construction costs. In S. Gruneberg (Ed.), Global Construction Data London: Routledge. https://doi.org/10.1201/9780429435911-3
Langston, Craig Ashley. / Benchmarking international construction costs. Global Construction Data. editor / Stephen Gruneberg. London : Routledge, 2019.
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Langston, CA 2019, Benchmarking international construction costs. in S Gruneberg (ed.), Global Construction Data. Routledge, London. https://doi.org/10.1201/9780429435911-3

Benchmarking international construction costs. / Langston, Craig Ashley.

Global Construction Data. ed. / Stephen Gruneberg. London : Routledge, 2019.

Research output: Chapter in Book/Report/Conference proceedingChapterResearchpeer-review

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Langston CA. Benchmarking international construction costs. In Gruneberg S, editor, Global Construction Data. London: Routledge. 2019 https://doi.org/10.1201/9780429435911-3