Exploratory Factors Influencing Building Development Costs in New Zealand
Abstract
:1. Introduction
2. A Brief Literature Review
3. Selection of Key Factors and Rationalization
4. Research Model Development and Conceptual Framework
5. Methodology of Study
6. Analytical Approach: The Application of SEM
7. Reliability of Constructs
8. Analysis of the Structural Equation Model
9. Hypothesis Testing
10. Discussion of Results
11. Conclusions
Acknowledgments
Author Contributions
Conflicts of Interest
Abbreviations
MDPI | Multidisciplinary Digital Publishing Institute |
SEM | Structural Equation Modeling |
NZ | New Zealand |
NZIA | New Zealand Institute of Architects |
NZIQS | New Zealand Institute of Quantity Surveyors |
NZIOB | New Zealand Institute of Building |
ACENZ | Association of Consulting Engineers of New Zealand |
PINZ | Property Institute New Zealand |
PCNZ | Property Council New Zealand |
PCC | Project Component Costs |
PCF | Project Characteristics Factor |
PSI | Project Stakeholders Influences Factor |
PMCI | Property Market and Construction Industry Factor |
SRF | Statutory and Regulatory Factor |
NGD | National and Global Dynamics |
SEF | Social Economic Indicators |
GFI | Goodness of Fit Indices |
df | Degree of Freedom |
IFI | Incremental Fit Index |
CFI | Comparative Fit Index |
NFI | Normed Fit Index |
PGFI | Parsimony Goodness of Fit |
TLI | Tucker–Lewis Index |
RMSEA | Root Mean Square Error of Approximation |
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Factors | Indicators | Source Reference |
---|---|---|
Project Component Costs Factor (PCC) | Design Costs (PCC1) | [20,21] |
Construction Costs (PCC2) | ||
Procurement Costs (PCC3) | ||
Project Characteristics Factor (PCF) | Project Location (PCF1) | [23,25,26] |
Complexity (PCF2) | ||
Procedures Methods (PCF3) | ||
Contract Types (PCF4) | ||
Tech Innovations (PCF5) | ||
Project Stakeholders Influences Factor (PSI) | Clients (PSI1) | [22,27,49,50] |
Consultants (PSI2) | ||
Contractors (PSI3) | ||
Suppliers (PSI4) | ||
Building Officials (PSI5) | ||
Property Market and Construction Industry Factor (PMCI) | Material Market (PMCI1) | [33,34,51,52] |
Labor Market (PMCI2) | ||
Level of Competition (PMCI3) | ||
Market Structure and Size (PMCI4) | ||
Boom and Bust Cycle (PMCI5) | ||
Supply and Demand (PMCI6) | ||
Investment Tendency (PMCI7) | ||
House R/S Prices (PMCI8) | ||
Statutory Regulatory Factor (SRF) | Building Code and Compliance (SRF1) | [38,39,40,41,42,43,53,54] |
Health and Safety Regulations (SRF2) | ||
Political Policies (SRF3) | ||
Financial Regulations (SRF4) | ||
Construction Contract Act (SRF5) | ||
National and Global Dynamics (NGD) | Global Political Dynamics (NGD1) | [44,45,46,51,55,56] |
Natural Forces (NGD2) | ||
Global Economic Trend (NGD3) | ||
Global Business Sentiments (NGD4) | ||
Socio Economic Factor (SEF) | Gross Domestic Production (SEF1) | [54,57,58,59,60,61,62] |
Capital Goods Prices (SEF2) | ||
Customer Price Index (SEF3) | ||
Producer Price (SEF4) | ||
Construction Productivity (SEF5) | ||
Labor Cost (SEF6) | ||
Net Migration (SEF7) | ||
Employment Rate (SEF8) | ||
House Prices (SEF9) | ||
Building Consents (SEF10) | ||
Energy Prices (SEF11) | ||
Exchange Rate (SEF12) | ||
Monetary Policy (SEF13) | ||
Investor Confidence (SEF14) | ||
Fiscal Polices (SEF15) |
Latent Constructs | Indicators | Factor Loading | Cronbach’s Alpha |
---|---|---|---|
Project Component Costs Factor (PCC) | Design Costs (PCC1) | 0.582 | 0.957 |
Construction Costs (PCC2) | 0.642 | ||
Procurement Costs (PCC3) | 0.577 | ||
Project Characteristics Factor (PCF) | Project Location (PCF1) | 0.748 | 0.871 |
Complexity (PCF2) | 0.62 | ||
Procedures Methods (PCF3) | 0.71 | ||
Contract Types (PCF4) | 0.869 | ||
Tech Innovations (PCF5) | 0.786 | ||
Project Stakeholders Influences Factor (PSI) | Clients (PSI1) | 0776 | 0.902 |
Consultants (PSI2) | 0.813 | ||
Contractors (PSI3) | 0.899 | ||
Suppliers (PSI4) | 0.655 | ||
Building Officials (PSI5) | 0.492 | ||
Property Market and Construction Industry Factor (PMCI) | Material Market (PMCI1) | 0.516 | 0.921 |
Labor Market (PMCI2) | 0.556 | ||
Level of Competition (PMCI3) | 0.69 | ||
Market Structure and Size (PMCI4) | 0.469 | ||
Boom and Bust Cycle (PMCI5) | 0.498 | ||
Supply and Demand (PMCI6) | 0.691 | ||
Investment Tendency (PMCI7) | 0.684 | ||
House R/S Prices (PMCI8) | 0.641 | ||
Statutory Regulatory Factor (SRF) | Building Code and Compliance (SRF1) | 0.708 | 0.919 |
Health and Safety Regulations (SRF2) | 0.816 | ||
Political Policies (SRF3) | 0.661 | ||
Financial Regulations (SRF4) | 0.695 | ||
Construction Contract Act (SRF5) | 0.529 | ||
National and Global Dynamics (NGD) | Global Political Dynamics (NGD1) | 0.567 | 0.895 |
Natural Forces (NGD2) | 0.822 | ||
Global Economic Trend (NGD3) | 0.696 | ||
Global Business Sentiments (NGD4) | 0.451 | ||
Socio Economic Factor (SEF) | Gross Domestic Production (SEF1) | 0.472 | 0.88 |
Capital Goods Prices (SEF2) | 0.67 | ||
Customer Price Index (SEF3) | 0.721 | ||
Producer Price (SEF4) | 0.637 | ||
Construction Productivity (SEF5) | 0.651 | ||
Labor Cost (SEF6) | 0.536 | ||
Net Migration (SEF7) | 0.617 | ||
Employment Rate (SEF8) | 0.452 | ||
House Prices (SEF9) | 0.656 | ||
Building Consents (SEF10) | 0.744 | ||
Energy Prices (SEF11) | 0.574 | ||
Exchange Rate (SEF12) | 0.732 | ||
Monetary Policies (SEF13) | 0.528 | ||
Investor Confidence (SEF14) | 0.807 | ||
Fiscal Policies (SEF15) | 0.684 |
Goodness of Fit Indices | Recommended Level | Structural Model |
---|---|---|
Chi-square/df | <2 Tabachnick and Fidell [69] | 1.009 |
Goodness of Fit Index (GFI) | >0.95 Fan et al. [70] | 0.961 |
Incremental Fit Index (IFI) | >0.9 Bollen [71] | 0.947 |
Comparative Fit Index (CFI) | >0.93 Byrne [72] | 0.983 |
Normed Fit Index (NFI) | >0.9 Bentler and Bonett [73] | 0.922 |
Parsimony Goodness of fit (PGFI) | >0.6 Williams and Holahan [74] | 0.875 |
Tucker–Lewis Index (TLI) | >0.9 Hoyle [75] | 0.979 |
Root Mean Square Error of Approximation (RMSEA) | <0.05 MacCallum and Austin [76] | 0.001 |
Hypothesis | Std Estimate | S.E. | C.R. | p | Hypothesis Accepted |
---|---|---|---|---|---|
H1 | 0.145 | 0.076 | 1.892 | 0.058 | No |
H2 | 0.119 | 0.071 | 1.66 | 0.097 | No |
H3 | 0.137 | 0.076 | 1.806 | 0.071 | No |
H4 | 0.226 | 0.09 | 2.51 | 0.023 | Yes |
H5 | 0.121 | 0.065 | 1.867 | 0.062 | No |
H6 | 0.214 | 0.096 | 2.23 | 0.029 | Yes |
H7 | 0.175 | 0.085 | 2.07 | 0.035 | Yes |
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Zhao, L.; Mbachu, J.; Domingo, N. Exploratory Factors Influencing Building Development Costs in New Zealand. Buildings 2017, 7, 57. https://doi.org/10.3390/buildings7030057
Zhao L, Mbachu J, Domingo N. Exploratory Factors Influencing Building Development Costs in New Zealand. Buildings. 2017; 7(3):57. https://doi.org/10.3390/buildings7030057
Chicago/Turabian StyleZhao, Linlin, Jasper Mbachu, and Niluka Domingo. 2017. "Exploratory Factors Influencing Building Development Costs in New Zealand" Buildings 7, no. 3: 57. https://doi.org/10.3390/buildings7030057