The construction industry is one of the driving areas in the economy that provides a noteworthy contribution to GDP and a serious effect on the activity in other industries. The construction industries frequently experiencing their cost variations best stand for the inflationary/deflationary changes of a specific sector of Construction Industry.
Indicators of price movement of construction outputs are considered to be a precious tool in economic analysis.
Construction Cost Index signifies the average cost movement over time of a fixed basket of representative goods and services related to Construction Industry.
The contractors have to undertake preconstruction services and procurement strategies to manages the market risks associated with cost-related issues arising from the restrained demand and increasing material cost.
So accurate construction cost forecast along with building costs and price trends is very much required for construction industry and Federal and State governments.
There are several internationally recognized standard cost data indices available in the market which are published by some of the renowned construction companies. The Cost Indices listed are taken from the referenced construction publications and include most recent Construction Cost Index, Building Cost Index, Material Cost Index.
These cost indices are established by several factors considered on a nationwide basis, together with labor rates and productivity, material prices and the competitive condition of the marketplace. These indexes also reflect the modification of computations that resulted in insignificant changes to some of the construction cost indexes. Separate series of index numbers are accumulated to capture the price movements at international and Industry subsection level.
Given below the detailed list of some leading construction companies and their standard cost data indices :-
bls.gov - ect
bls.gov - cpi
Compass International
ENR - current costs
fmlink - Surveys Trends
Reed construction data
Turner Construction
usbr.gov - cost trends
Posted by Rajib Dey
Business Development
Global Associates
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