Refining the citiBLOC index
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Extract: The previous chapter investigated the performance of selected high-rise construction projects completed between 2003 and 2012 in the five largest cities in Australia and the United States. Part of this research required the conversion of cost data into a comparable form. Cost conversion is critical to international performance comparisons. A reliable method for doing this is necessary. Purchasing power parity (PPP) is generally accepted as the appropriate philosophy, but there are a number of detailed approaches for determining indices. Which one should be used? How can we be sure that cost conversion using currency exchange rates is unreliable? How should construction-related PPPs be produced for different countries and/or cities? What other issues should be considered?
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