Relationships between Engineering Construction Standards and Economic Growth in the Construction Industry: The Case of China’s Construction Industry

Abstract

Although standards have a significant effect on economic growth in the construction industry, the effect of engineering construction standards on construction industry economics remains a relatively unexplored subject. In theory, standards as a technology indicator have an impact on economic growth. Therefore, we investigate the relationships between engineering construction standards and economic growth in the construction industry. A Cobb-Douglas production function and a VAR model are established to explore relationships between engineering construction standards and economic growth in the construction industry. Our results suggest that co-integration relationships are evidenced between engineering construction standards and economic growth in the construction industry, and engineering construction standards have a positive effect on economic growth in the construction industry.