Home » BCIS price datasets revised to include unprecedented construction cost increases

BCIS price datasets revised to include unprecedented construction cost increases

Published: 25/08/2022

Construction costs, as measured by the BCIS General Building Cost Index (GBCI), continue to grow at an unprecedented rate. An annual growth of 13.8% was identified in May 2022.

The ongoing impact of several factors including; COVID-19, Brexit, and the war in Ukraine has led to, economic uncertainty, price volatility, supply chain issues, materials and labour shortages, and a steep rise in energy cost.

The annual review of BCIS Comprehensive Major Works, Minor Works and Alterations & Refurbishment datasets show that construction rates (average of all trades) have increased by an average of 14.5% over the last 12 months. However, the movements vary greatly between the different trades in the industry.

Rates for metal works increased around 25%, structural steel works 42% and concrete works by 16%. These categories have many variants, each having different percentage increases. So, if generic increases are used, projects could be incorrectly costed. Errors in the costing process could have a negative impact on an organisations profit.

The example graphic below shows the price change from 2Q2021 to 2Q2022 to highlight significant growth in construction costs. The three different categories in the graph are as highlighted above – metal works, structural steel and concrete works.

Source: BCIS

*Rates for metal works increased around 25%, structural steel works 42% and concrete works by 16% from 2Q2021 to 2Q2022.

How to control costs?

Controlling costs at this volatile time is key. Use the latest editions of the BCIS Comprehensive Major works, Minor works, and BCIS Alterations & Refurbishment datasets to do so. These BCIS price books account for all changes to resource costs up to 2Q2022 and are available now.

 

Access BCIS Schedule of Rates

BCIS Schedule of Rates is the essential online materials and dayworks costing tool. It provides a range of  pricing datasets including small and large projects and alterations and refurbishment

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