CONSTRUCTION COSTS AND THE SUPPLY OF HOUSING STRUCTURE*
研究发现美国各住房市场的建筑成本差异很大，但建筑活动差异不能解释成本变化，成本差异主要来自工会化程度、当地工资、地形和监管环境等供给因素。
ABSTRACT Construction costs account for the bulk of the price of new houses in most markets, but their study has been relatively neglected. We document that there are economically large differences in construction costs across U.S. housing markets. We also estimate a very elastic supply for physical structure; hence, differences in construction activity across markets do not explain the variation in costs. Supply shifters that collectively do account for differences in building costs include the extent of unionization within the construction sector, local wages, local topography in terms of the presence of high hills and mountains, and the local regulatory environment.