Untangling the different construction measures
Oxford Economics recommends clients who either operate in, or are heavily exposed to the construction industry use the value of Work Done, as this best captures the level of construction activity happening on the ground. While Construction Gross Output is similar, the estimations and assumptions required to apply the OECD coefficient mean that the value of Work Done is a more accurate reflection of actual construction activity.
You will learn the difference between the value of Work Done and Construction Gloss Value Added (GVA):
- The value of Work Done (also known as value Put-In-Place) is the total money paid to construction companies for activity they have undertaken. This is the key indicator used in Oxford Economics’ Construction Services.
- Construction Gloss Value Added (GVA) is the contribution of the construction sector to national GDP.
- Briefings of the backgrounds of both measures
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