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    Modeling Australia’s Construction Workforce Demand: Empirical Study with a Global Economic Perspective

    Access Status
    Fulltext not available
    Authors
    Liu, J.
    Love, Peter
    Sing, Michael
    Carey, Brad
    Matthews, Jane
    Date
    2014
    Type
    Journal Article
    
    Metadata
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    Citation
    Liu, J. and Love, P. and Sing, M. and Carey, B. and Matthews, J. 2014. Modeling Australia’s Construction Workforce Demand: Empirical Study with a Global Economic Perspective. Journal of Construction Engineering and Management. 05014019 (7 p.).
    Source Title
    Journal of Construction Engineering and Management
    DOI
    10.1061/(ASCE)CO.1943-7862.0000953
    ISSN
    0733-9364
    School
    Department of Civil Engineering
    URI
    http://hdl.handle.net/20.500.11937/19681
    Collection
    • Curtin Research Publications
    Abstract

    Workforce planning is vital for implementing strategic human resource planning. A causal model that incorporates a global economic perspective is derived in this paper by undertaking a detailed review of the normative literature and empirically estimated by a vector error correction (VEC) model. The reliability of the developed VEC model is validated by using several tests (e.g., Lagrange multiplier test, White’s test, and Jarque-Bera test), all of which indicate that the proposed models are able to forecast construction workforce demand in the context of global economic turbulence. This paper contributes to the literature by systematically developing advanced models that not only model construction workforce demand, but also examine the impact of the global economic climate on the labor market. It provides policy makers with a practical tool and insight into future workforce demand, which serves to assist to launch an effective human resources strategy in the construction industry.

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