Review of Exogenous Economic Indicators Influencing Construction Industry

Table 1

Identified exogenous economic factors.

Item	Exogenous economic variables	References
1	GDP	[16–18, 24, 25, 27, 28, 30, 31, 34–39, 42, 45–47, 56]
2	Inflation	[16, 23, 24, 26, 27, 31, 32, 36–40, 49, 59–62]
3	Exchange rate	[18, 23, 25–27, 33, 43, 48, 55–58, 60, 62–64]
4	Interest rate	[18, 29, 33, 34, 36, 38, 41, 43, 47–49, 56, 63]
5	Consumer price index	[17, 18, 42, 43, 45, 46, 52, 55–57, 62]
6	Unemployment	[17, 22, 24, 34, 39, 41, 42, 46, 51, 53]
7	Employment	[16, 17, 25, 35–37, 48, 52, 59]
8	Cost of crude oil	[18, 25, 26, 40, 48, 54, 57, 62]
9	Monetary policy rate (prime rate)	[25, 26, 28, 32, 39, 47, 59, 60]
10	Real houses prices	[22, 25, 45, 47, 52]
11	Money supply	[17, 42, 46, 52]
12	National revenue	[16, 41, 43, 45]
13	Demand for building/raw material	[17, 32, 40, 54]
14	Producer price index	[25, 42, 46, 56]
15	Public debt	[27, 43, 45, 46]
16	Housing statistics	[17, 22, 39, 52]
17	Taxation	[36, 54, 61]
18	National expenditure	[16, 46, 59]
19	Construction productivity	[25, 51, 53]
20	Labour cost	[25, 40, 54]
21	Cost of fuel	[17, 29, 54]
22	Net importation	[27, 29, 38]
23	Manufacturing profitability	[51, 53]
24	Building cost index	[53, 55]
25	Cost of construction	[37, 54]
26	Loan	[36, 45]
27	GDP-implicit deflator	[17, 42]
28	Capital goods prices	[16, 25, 26]
29	Balance of payment	[27, 35]
30	Fixed assets	[27, 45]
31	Investor confidence/trade openness	[25, 31]
32	Net personnel saving	[27, 31]
33	Energy prices	[25, 54]
34	Net exportation	[27, 40]
35	Building permit/consent	[17, 25]
36	Black market	[40]
37	Price monitoring and corruption	[40]
38	Domestic demand for infrastructure	[40]
39	Industrial production	[51]
40	Number of registered construction firms	[53]
41	Cost of transportation	[54]
42	Corporate bond	[18]
43	Mortgage rate	[52]
44	Political regime	[38]
45	Percentage of debt financing	[37]
46	Foreign direct investment	[35]
47	Forestry and animal husbandry	[30]
48	Total retail sales of social consumer goods	[30]
49	Industrial added value	[30]
50	Agricultural added value	[30]
51	Cost of production	[29]
52	Public finance	[27]
53	Private investment	[27]
54	External reserve	[27]
55	Net migration	[25]
56	Fiscal policies	[25]
57	Real personnel income	[22]
58	Real personnel expenditure	[22]
59	Homeownership	[22]