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Impact of inflation rate on construction projects budget: A review
Ain Shams Engineering Journal ( IF 6 ) Pub Date : 2020-06-15 , DOI: 10.1016/j.asej.2020.04.009
Muhammad Ali Musarat , Wesam Salah Alaloul , M.S. Liew

Owing to its significant contribution to GDP and other sectors, the construction industry plays an important role in economic growth. The economy of countries depends on a number of variables in which inflation is one of them. The position of inflation in economic growth cannot be overlooked, as it is retaliating either positively or negatively. This paper explores the role of inflation and how it affects the economy and the construction industry. It is concluded that the inflation rate is neglected in most of the construction projects economics and budgeting that causes the project cost overrun as the building materials prices, labour wages, and machinery hire rates are changing annually. Moreover, a framework has been proposed that highlights the strong relationship between the inflation rate and the construction industry. The framework is useful for the future budget estimation model to eliminate project cost overrun which occurs due to the inflation rate.



中文翻译:

通货膨胀率对建设项目预算的影响:回顾

由于建筑业对国内生产总值和其他部门的巨大贡献,建筑业在经济增长中发挥着重要作用。国家的经济取决于许多变量,其中通胀是其中之一。通胀在经济增长中的地位是不容忽视的,因为它在积极地或消极地进行了报复。本文探讨了通货膨胀的作用及其对经济和建筑业的影响。结论是,在大多数建筑项目的经济学和预算中,通货膨胀率被忽略,由于建筑材料价格,劳动力工资和机械租赁率每年都在变化,从而导致项目成本超支。此外,已经提出了一个框架,突出了通货膨胀率与建筑业之间的牢固关系。

更新日期:2020-06-15
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