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I've mentioned a few times that I generally prefer looking at construction progress through the lens of cost indexes rather than productivity indexes. Whereas productivity indexes try to track changes in the amount of construction we get for a given amount of labor (for labor productivity) or labor + capital (for TFP), cost indexes try to track changes in how much construction we get per dollar. Cost indexes don’t measure the absolute cost of construction (in, say, dollars per square foot), but relative changes from a particular reference year.
over a year ago

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