‘Time-to-build’ completion patterns for nonresidential structures, 1961–1991

Using extensive government survey data, ‘completion patterns’ are derived for US nonresidential structures over the period 1961–1991. Value-weighted construction periods average five to six quarters, with enough variation over time to undermine somewhat the interpretation of ‘time-to-build’ parameters as ‘structural’ in nature. The rapid time path of completions raises some questions about lengthy investment-spending lags typically estimated in econometric studies.