Abstract
Thailand is fast becoming a newly industrializing country and, consequently, a large number of construction works are projected for the future. This study is an attempt to gain further insight into the demand for construction activities in Thailand. Three types of construction - residential, non-residential and ‘other’ (mainly public projects) - were considered. The demand function for each type of construction was estimated using regression analysis. Results indicate that rising per capita income, the ratio of consumer price index to the construction cost index, and population are the major determinants of demand for residential construction. The expansion of industrial production capacity and the ratio of corporate savings to the construction cost index are the most significant factors affecting the demand for non-residential construction. The demand of other construction is found to be largely a function of rising revenues of government and of public utilities. Further, projection results indicate that...
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