Free download: BCIS Guide to: The Use of Inflation Indices for Civil Engineering COPI, IOPI, Baxter, RPI and the rest…
Large civil engineering projects take a long time to plan and build. Maintenance and framework agreements and the like tend to be for extended periods and regulatory periods for infrastructure sectors are generally for five years or more. So dealing with inflation during the planning, construction and maintenance of infrastructure projects is an important issue. The normal means of adjusting for inflation is by use of an index.
The objective of this BCIS guide is to look at the types of indices available, the mechanisms used to adjust for inflation for different purposes, and to provide some guidance on choosing the right index.
BCIS is the Building Cost Information Service of RICS (Royal Institution of Chartered Surveyors). It provides independent cost data for the construction and insurance industry, which includes civil engineering projects. A new subscription service is now available.
The RICS Infrastructure Information Service (IIS) includes the BCIS forecasts for the Infrastructure sector. The forecast will be for five years and cover:
- Construction demand – Output from the construction industry on infrastructure projects
- Input costs represented by factory gate prices and nationally agreed wage awards and labour on-costs
- Tender prices representing the movement in prices in tenders for the construction work in the infrastructure sector.
It can help:
- To save you time when gathering information – a single source of information including indices, forecasts, unit costs and benchmarks from multiple sources provides you with a source of data so you can supply transparency of costs
- Provide you with a credible and trusted information source – using information from many different sources, the data is collated checked and verified by BCIS who have over 50 years of cost data expertise in the construction industry
- You to manage risk – Industry forecasts and sector focused indices help you predict trends and to justify costing decisions.
More information about the RICS Infrastructure information Service
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