The Secular and Cyclic Behavior of "True" Construction Costs

Current construction cost indices typically are derived by applying national weights to local costs for materials and labor. In this study, construction cost indices are developed that are based on actual contractor tenders for projects. As such, they incorporate full variation in factor proportions, as well as factor costs, contractor overhead, and profit. Cost indices are produced for two product types, office and multi-family residential, in six different MSAs using F.W. Dodge project cost data from 1967 through the first half of 2004. Standard ‘‘hedonic’’ analysis is applied to control for variation in project scale and features to extract the true time trends in costs for each market. The findings indicated that real construction costs generally have fallen slightly over the last 35 years. In addition, no correlation is found between costs and building activity. Causal (IV) analysis implies that the construction industry is elastically supplied to local real estate markets, with any ‘‘excess’’ profits going to land and developer entrepreneurship. This is consistent with the traditional ‘‘urban land economics’’ literature.

Creating construction cost indices and examining their cyclic behavior

Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Architecture, 2004.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.Includes bibliographical references (leaves 54-55).by William Eric Simonton.S.M

Standardized data elements for patients with acute pulmonary embolism: A consensus report from the Pulmonary Embolism Research Collaborative

Recent advances in therapy and the promulgation of multidisciplinary pulmonary embolism teams show great promise to improve management and outcomes of acute pulmonary embolism (PE). However, the absence of randomized evidence and lack of consensus leads to tremendous variations in treatment and compromises the wide implementation of new innovations. Moreover, the changing landscape of health care, where quality, cost, and accountability are increasingly relevant, dictates that a broad spectrum of outcomes of care must be routinely monitored to fully capture the impact of modern PE treatment. We set out to standardize data collection in patients with PE undergoing evaluation and treatment, and thus establish the foundation for an expanding evidence base that will address gaps in evidence and inform future care for acute PE. To do so, >100 international PE thought leaders convened in Washington, DC, in April 2022 to form the Pulmonary Embolism Research Collaborative. Participants included physician experts, key members of the US Food and Drug Administration, patient representatives, and industry leaders. Recognizing the multidisciplinary nature of PE care, the Pulmonary Embolism Research Collaborative was created with representative experts from stakeholder medical subspecialties, including cardiology, pulmonology, vascular medicine, critical care, hematology, cardiac surgery, emergency medicine, hospital medicine, and pharmacology. A list of critical evidence gaps was composed with a matching comprehensive set of standardized data elements; these data points will provide a foundation for productive research, knowledge enhancement, and advancement of clinical care within the field of acute PE, and contribute to answering urgent unmet needs in PE management. Evidence produced through the Pulmonary Embolism Research Collaborative, as it is applied to data collection, promises to provide crucial knowledge that will ultimately produce a robust evidence base that will lead to standardization and harmonization of PE management and improved outcomes