Abstract
ABSTRACT Building Cost Index (BCI), unlike Construction Cost Index (CCI), had not been thoroughly explored in the existing body of literature. Both BCI and the CCI are two similar time series, with the only difference lying in the labour components used in their calculations. This study utilizes impulse-response functions to observe the different reactions of the BCI and CCI concerning labour conditions. The results indicate that the BCI consistently displays heightened sensitivity to fluctuations in labour supply and unemployment, whereas the CCI remains insensitive to such labour-related fluctuations.
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