Cost of construction index

The Cost of Construction Index measures the overall changes in the expenses involved in building projects over time. It considers factors like the prices of materials (such as steel and concrete), labor wages, and equipment costs. When the index rises, it indicates that construction costs are increasing, making projects more expensive. Conversely, a decrease suggests costs are going down. This index helps developers, contractors, and investors anticipate budget changes, plan for future projects, and understand economic trends in the construction industry. It serves as a crucial tool for managing financial risks and making informed decisions.