Empirical tests to discern linkages between construction and other economic sectors in Singapore

The construction industry makes significant contributions to the socio-economic development process in most countries. Its importance in the economy is due largely to the direct and indirect impact it has on the national economy. It stimulates the growth of other sectors through a complex system of linkages. Interest in multi-sectoral linkages was generated following Hirschman's work that investigated the relationship between unbalanced sectoral growth and economic development. Most of the past research work had used Leontief's input-output analysis to gauge the backward and forward linkages between industries. This paper proposes an econometric procedure that can be used for determining the construction output linkages. This involves unit-root testing and Granger causality testing. The main purpose is to determine the impact of a fluctuation in construction output on the sectoral production and the economy of Singapore. This helps to assess the role of the construction industry and how it is affected by the changes in the other economic sectors.Construction Linkages Economic Sectors Granger Causality,

Project cost estimation using principal component regression

Factors affecting construction project cost include project-specific factors and those reflecting the characteristics of the project team. Multiple regression is often used to estimate a project's cost, but independent variables with a high degree of correlation are likely be left out of such a model. As a result, only a limited number of factors are included in the estimate of project cost and predictions from such models will not be accurate. To overcome this technical inefficiency, the aims of this study are: to identify factors that contribute to project cost, to construct a predictive project cost model using the principal component technique and to assess the relative importance of determining factors. The data are obtained from a random sample survey comprised of Singapore building projects completed after 1992 costing more than US$5 million in value. Three main groups of variables are identified, pertaining to characteristics of the project, contractors and owner/consultants. Special project requirements such as high technological level; contractor's specialized skills; and public administered contract have significant effects on cost. Other factors include contractor's technical expertise; owner's level of construction sophistication and contractor's financial management ability. The model assesses the impact of individual factors on project cost and provides a decision support tool to estimate cost more accurately.factors, principal component regression model, project cost,

Factors influencing development of construction enterprises in Singapore

The literature stresses the importance of improvements in the effectiveness and efficiency of contractors if the construction industry is to fulfil its tasks in a cost-effective, timely and safe manner. Various factors are considered to be instrumental in the development of contractors. If the most important influencing factors in any country can be identified, measures can be taken to apply them in order to upgrade the contractors. The results of a study on the factors which have been important in the development of construction enterprises in Singapore are presented. A mailed questionnaire survey provided the basis for the study. The targeted respondents were local contractors, foreign contractors, and clients and consultants. It was found that the key factors could be grouped into four main categories: contractors' role; government's and institutions' help; practitioners' help and financial support; and clients' help. Recommendations are offered on measures which can improve the performance of contractors.Construction Firms Singapore Development Factors Foreign Contractors Government,

International Maritime Review 2017 - Need for More Inclusive Asia-Pac Maritime Diplomacy

The International Maritime Review 2017 marks the 50th anniversary of the Republic of Singapore Navy (RSN). But it also attests to the maturing maritime diplomacy in Southeast Asia that contributes to a rules-based maritime order in the wider Asia-Pacific