Our data is used by consultants and contractors to produce specific estimates for option appraisals, early cost advice, cost planning and benchmarking
24 APR 2019
The early estimate for the BCIS All-in Tender Price Index (TPI) for the first quarter of 2019 is based on a rise of 0.4% compared with the previous quarter*.
The estimate is the consensus of the BCIS TPI Panel** based on the analysed Delphi survey results. It does not necessarily represent the views of individual participants. The resultant 1st quarter figure shows a 1.9% increase in the year from 1st quarter 2018***.
The range of responses from panel members tightened compared to the previous quarter, which may reflect a slowdown in prices. At least two-thirds of panel members reported differences in price movements between regions and procurement routes. Of the panel members, 70% reported M&E prices rising faster than building trades.
The Panel also observed that in the latest quarter:
The BCIS TPI Panel estimate has been applied to the previous quarter index and rounded to the nearest whole number for publication.
BCIS has recruited a panel of practising cost consultants from firms involved in multiple tenders in each quarter to provide an early estimate of tender price movement in the latest quarter based on a panel (Delphi) survey approach.
Basis of BCIS Tender Price Index. TPI figures before 4th quarter 2018 are based on project indices, generally single stage, traditional procurement, average value < £5m, (minimum £100,000, no maximum). Excludes M&E and other specialist trades, e.g. façades. BCIS has assumed this reflects market projects let on single-stage design and build and specification and drawings. Indices are normalised for location, size and procurement. Percentage changes are mid-quarter to mid-quarter.