Construction price and cost indices
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[edit] Introduction
The Department for Business, Innovation and Skills publish quarterly construction price and cost indices which are used for estimating, cost checking and fee negotiations on public sector construction projects.
The collection of data and calculation of indices is currently (2015) let to AECOM and there is also a requirement to develop and improve the indices methodology.
The construction price and cost indices comprise of the following indices:
- Tender prices.
- Resource costs.
- Output prices.
[edit] Consultation
In July 2014, the government undertook consultation on a proposed new methodology for calculating construction price and cost indices. The new methodology is anticipated to provide indices which more accurately reflect the price of construction work. The original publication date of December 2014 has been pushed back and a revised date will be released.
[edit] Availability
The Office of National Statistics publish implied output price indicators on a quarterly basis.
NB In a letter from Ed Humpherson, Director General for Regulation at the UK Statistics Authority, to John Pullinger, National Statistician, on 11 December 2014, it was made clear that UK statistics for Construction Output and New Orders can no longer be designated as National Statistics. See Construction statistics no longer designated as National Statistics for more information.
[edit] BCIS
Private sector organisations such as the Building Cost Information Service (BCIS) also provide cost and price information to the construction industry to help estimate the likely cost of construction works. See BCIS for more information.
[edit] Find out more
[edit] Related articles on Designing Buildings Wiki.
- BCIS.
- BCIS elements.
- Bills of quantities.
- Construction statistics no longer designated as National Statistics.
- Contract sum.Contract sum analysis.
- Construction costs.
- Cost consultant.
- Cost control.
- Initial cost appraisals.
- New Rules of Measurement.
- Pre-tender estimate.
- Tender pricing document.
- Whole-life costs.
[edit] External references
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