건설산업의 수요와 정책효과의 분석 = Analysis of Demand and Policy effect of Construction Industry

다국어 초록 (Multilingual Abstract)

The purpose of this article is to clarify the concept of construction demand, investigate construction demand and analyze the policy effect of price change on the industry. The policy for boostering the construction industry without taking into account the construction demand, which in turn results in the waste of resources, is not efficient. We describe the concept of construction demand carefully and estimate the construction demand from the historical construction performances for the housing construction market, non-housing construction market, and civil engineering construction market. Their respective price and income elasticities, and the policy implications are presented and discussed in details. Specifically, the article has defined construction demand as the amount of construction goods or services required for the people under a certain price and income level during a certain period. The construction demand is estimated assuming that construction investment is the resulting effect of construction demand. The mixed demand system used in this article is quite a few in the construction demand literature. Although the estimation has a limitation on the estimated data, the results of this article are hoped to develope the methodology to estimate the construction demand and its policy effect.