eprintid: 15172
rev_number: 2
eprint_status: archive
userid: 1
dir: disk0/00/01/51/72
datestamp: 2023-11-10 03:29:47
lastmod: 2023-11-10 03:29:47
status_changed: 2023-11-10 01:58:49
type: article
metadata_visibility: show
creators_name: Musarat, M.A.
creators_name: Alaloul, W.S.
creators_name: Liew, M.S.
title: Impact of inflation rate on construction projects budget: A review
ispublished: pub
keywords: Budget control; Construction industry; Costs; Economic analysis; Machinery, Construction projects; Economic growths; Estimation models; Inflation rates; Project cost, Industrial economics
note: cited By 49
abstract: 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. © 2020 THE AUTHORS
date: 2021
publisher: Ain Shams University
official_url: https://www.scopus.com/inward/record.uri?eid=2-s2.0-85086455403&doi=10.1016%2fj.asej.2020.04.009&partnerID=40&md5=1d4757b9a332d03bd4b28f2855dff723
id_number: 10.1016/j.asej.2020.04.009
full_text_status: none
publication: Ain Shams Engineering Journal
volume: 12
number: 1
pagerange: 407-414
refereed: TRUE
issn: 20904479
citation:   Musarat, M.A. and Alaloul, W.S. and Liew, M.S.  (2021) Impact of inflation rate on construction projects budget: A review.  Ain Shams Engineering Journal, 12 (1).  pp. 407-414.  ISSN 20904479