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The role of the construction sector in the process of economic growth and development is well recognized in the literature. However, in the most advanced industrial economies, as well as emerging economies, the construction industry is no longer focused on providing a single service, i.e., a building or physical infrastructure, but on a variety of services and improvement of human and natural environments. Built capital stock is a major component of any country’s produced fixed capital as designated in the System of National Accounts (SNA) of the United Nations. According to several writers, the knowledge of reliable data of building and other construction assets of a specific country or region is a crucial element for the long-term management of these assets. This paper presents an overview of the Perpetual Inventory Method (PIM) used for estimating capital stock and some methodologic issues regarding the measures of construction investment and of built capital stock. Additionally, based on the results of an earlier work, estimates of the Cape Verde’s built capital stock for the year 2014 are presented. The level of the of the built capital stock of a specific country and its impact on the development pattern of the construction industry is a suggestion for further studies. info:eu-repo/semantics/publishedVersion |
