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The role of the Superbonus in the growth of Italian construction costs

Author

Listed:
  • Francesco Corsello

    (Bank of Italy)

  • Valerio Ercolani

    (Bank of Italy)

Abstract

This paper examines the role played by a very large fiscal incentive for the renovation of residential buildings, the 'Superbonus', in the growth in construction costs observed in Italy during the post-pandemic period. These costs started to rise in 2021, as the Superbonus became more and more commonly used in building renovations. By estimating an empirical model, we find that about half of the total increase in Italian construction costs between September 2021 and December 2023 can be attributed to the Superbonus.

Suggested Citation

  • Francesco Corsello & Valerio Ercolani, 2024. "The role of the Superbonus in the growth of Italian construction costs," Questioni di Economia e Finanza (Occasional Papers) 903, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_903_24
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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2024-0903/QEF_903_24.pdf
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    More about this item

    Keywords

    Superbonus; tax incentives; construction costs; time series analysis;
    All these keywords.

    JEL classification:

    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • L74 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Construction
    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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