Table 6: Production cost versus construction cost.

Model 6
Construction cost
Model 7
Construction cost
Model 8
Construction cost
Model 9
Construction cost
Production cost

Sub0.3025 (7.57)0.1298 (3.19)0.1786 (3.90)0.1281 (5.05)0.1041 (4.05)
VAT−0.2582−0.1325−0.2323−0.1312−0.1136
(−11.32) (−6.54)(−6.70)(−7.30)(−6.25)
Change stock29.916613.173132.782314.534716.2088
(6.10)(3.16)(4.85)(4.97)(5.38)
Inccap0.36070.19810.89940.19400.3057
(4.44)(3.61)(7.13)(3.20)(4.89)
T rate0.26060.11020.19830.10400.0672
(3.84)(1.88)(3.10)(2.31)(1.46)
Lerner0.46100.20920.33420.23700.1885
(3.58) (1.98)(2.03)(2.93)(2.29)
Time trend0.02420.01030.01090.00970.0059
(11.45)(4.89)(3.66)(6.16)(3.78)
AR (1)0.54400.57790.6005
(12.82)(27.15)(27.75)
Constant0.4502−0.1106−4.0122−1.2514
(0.48)(−0.18)(−2.86) (−1.8)

R square0.95440.97560.91650.97750.9756

MethodIVIVIV-PraisThree-stage
Fixed regional effectYesYesYesYes

All variables are in natural logarithm form. values are presented within brackets. Instruments used: unemployment and demographic variables. Dependent variable: total construction cost and production cost excl. VAT.