Output Price Indices
The purpose of the Department for Business, Enterprise & Regulatory Reform’s (BERR’s) output price indices for construction work is to enable anyone involved in estimating, cost checking and fee negotiation of construction works to update historical prices using price adjustment indices. For UK based construction works these are known at Output Price Indices.
The Output Price Indices are compiled by the Office of National Statistics and lag the trends of tender prices, resources and materials indices. The Output Price Indices reflect the price of all new build construction work undertaken over a given period in time that had been tendered during an earlier period. Separate Output Price Index series are produced for Public Housing, Private Housing, Infrastructure, Public Works, Private Industrial, Private Commercial as well as a combined index for All New Construction.
The Output Prices Indices should not be used as a measure of changes in fee levels. This is because the Output Price Indices includes price movements other than those of professional services as well as averaging out regional variations.
Output Price Indices – All New Construction
* provisional data; may be subject to revision
†Data for the OPI has been rebased to 2005 prices making it consistent with other ONS data releases. Previously ACE had utilised the 1975, and 1995 series, however, we now recommend that all members use the new series given the changes that have taken place.
Further information can be obtained from - email sales@bcis.co.uk or order online at www.bcis.co.uk.
For more information please contact ACE on 020 7222 6557.