What is a cost index in construction?
What is a cost index in construction?
The California Construction Cost index is developed based upon Building Cost Index (BCI) cost indices average for San Francisco and Los Angeles ONLY as produced by Engineering News Record (ENR) and reported in the second issue each month.
What is the current ENR construction cost index?
Construction Cost Index History – As of June 2022
| YEAR | JAN | AVG. |
|---|---|---|
| 2019 | 11206 | 11281 |
| 2018 | 10878 | 11062 |
| 2017 | 10542 | 10737 |
| 2016 | 10132 | 10338 |
What is RSMeans City Cost Index?
The City Cost Index is the tool that enables you to adjust RSMeans data construction costs to your local market. In its raw form, RSMeans data is set to a national average price.
How is CII calculated?
Formula for computing indexed cost is (Index for the year of sale/ Index in the year of acquisition) x cost. For example, if a property purchased in 1991-92 for Rs 20 lakh were to be sold in A.Y. 2009 -10 for Rs 80 lakh, indexed cost = (582/199) x 20 = Rs 58.49 lakh.
How is construction index calculated?
The Construction Cost Index is forecasted by using the autoregressive (AR) model. The AR (p) model is defined as: X t = c + ∑ i = 1 p ∅ i X t – i + ε t where p is the order of the model; ∅ 1 , ⋯ ⋯ ⋯ , ∅ p are coefficients of the model; c is a constant; and is white noise.
What is an ENR index?
The ENR indexes measure how much it costs to purchase this hypothetical package of goods compared to what it was in the base year. What kinds of construction do the ENR indexes represent? The two indexes apply to general construction costs. The CCI can be used where labor costs are a high proportion of total costs.
How often is RSMeans updated?
RSMeans Data Online provides cloud-based access to the industry’s leading construction cost database and advanced features like square foot costs and Predictive Cost Data. Automatic quarterly updates ensure you always have access to the most current data available for construction estimating.
What is the indexation rate for 2020-21?
301
The Central Board of Direct Taxes (CBDT) notified the cost inflation index (CII) for FY 2021-22 as 317 via a notification dated June 15, 2021. For the previous year, i.e., FY 2020-21, CII was notified as 301.
