A panel assessment of the factors of the demand environment for construction materials in the regions of Uzbekistan

Abstract

This study estimates the drivers of the demand environment for construction materials using a balanced panel of 14 regions of Uzbekistan for 2019-2025. A two-way fixed-effects model relates construction-work growth to changes in investment, commissioned housing area, real per-capita income, and the urban population. Standard errors are clustered by region, while excluding 2020 and 5-95% winsorization provide robustness checks. The positive association with housing-area growth remains stable across all specifications (β=0.189-0.200; p<0.05). Evidence for the other covariates is weaker or specification-dependent. The estimates are interpreted as regional operating signals for production, inventory, and sales planning rather than as causal effects or direct product-level demand elasticities.