Glossary:Production in construction
The production in construction index is a business-cycle indicator which measures the monthly changes in production of buildings (residential and non-residential) and of civil engineering (roads, railways, bridges, tunnels, utility projects).
Conceptually the index shows changes in the volume of construction, i.e. the price adjusted change in the value added to the economy by this sector. As this statistical concept is not directly measurable, the indicator is approximated by several other measures.
Mathematically the index is calculated as a Laspeyres volume index.
Net construction output can be calculated using different data sources:
- gross production data from which input received from other sectors is substracted;
- input of labour and material.