2021-11-29-牛津经济研究院-Construction_Untangling_the_different_construction_measures_2页_249kb

Oxford Economics' briefing analyzes different construction activity measures, focusing on the preferred indicator for construction operators and supply chain firms. The key measure is "Value of Work Done" (or Value Put-In-Place), defined as the total payments for construction activities undertaken, such as labor and materials costs. It closely aligns with business turnover, aids in budgeting and planning, and simplifies identifying input needs for suppliers.

Alternative measures include Construction Value Added (a GDP contribution calculated as profits plus labor compensation) and Construction Gross Output (Value Added plus intermediate goods). Methodological differences, like estimation of intermediate inputs, result in imperfect correlations between these indicators.

Oxford Economics recommends using Value of Work Done for tracking actual construction activity due to its directness and accuracy for the sector-specific audience. However, for benchmarking across industries or comparing to other economic sectors, Construction Gross Value Added (GVA) is advised, as it is integrated into broader economic services like the Global Industry Service.