It refers to the amount of pavement you walk(chase) in order to find/reach love.
Therefore it means looking for love. "Im chasing pavement=Im chasing love"
Should I keep on chasing pavement"should I keep on chasing love" or should I give up.
Searching for love=chasing pavement! " E.g. I'll keep on chasing pavement until I find her.
The journey between finding your girlfriend and you (chasing pavement)
coined by R.moscoso-sydney