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Application of Grey Model for the Labor Costs of Chinese Construction Industry

Yanbo Liu, Yanbo Diao

Abstract


We conduct a questionnaire survey among construction workers and project managers to analyze the rising situation and influence factors of labor costs in Chinese construction industry. Then the medium and long term prediction of labor cost is carried out by using GM (1, 1) grey model. The results show that the average salary of Chinese construction workers rose quickly over the past five years. Changes of supply-demand relation of labor force is the most important reason causing the labor costs increase. The average daily pay of Chinese construction workers will keep rising in coming years, and will achieve 337 RMB yuan by 2020. The research results present valuable reference basis for construction enterprises to grasp the development trend of labor costs and takes steps to address the labor cost pressure.

Keywords


onstruction industry, Labor cost, Questionnaire survey, GM (1, 1) grey model.

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