Construction Cost Index (CCI for dwellings) measures the price development of the production factors raw materials, labor, machinery, transports, energy and other costs that are used in building projects.
All data are index data and percentage changes (quarterly and yearly).
The construction cost index (for dwellings) reflects changes in the costs of construction work performed during the reference period compared with the base period.
For the calculation of the CCI (for dwellings), the following components are compared: prices of the building materials used, hourly gross labor remuneration of construction workers, maintenance and operational costs of machinery and mechanical appliances.
CCI (for dwellings) covers economic activities listed in sections F: “Construction” (Codes 41, 42, 43) and codes 46.73, 46.74, 47.52 of Wholesales activity, according to NACE Rev.2.
The classification used for these statistics is the Statistical Classification of Economic Activities (NACE). The data are produced in national level, broken-down by activity grouped in two digits level of this nomenclature. The expenditure classification is based on classification of EUROSTAT for Construction Cost Index.
The CCI have six expenditure groups:
- Material Expenditures
- Salary Expenditures
- Machinery Expenditures
- Transport Expenditures
- Energy Expenditures
- Other costs.
The observation units for the CCI (for dwellings) are the Business Register Enterprises that conduct the following activities: distributors of construction materials and construction building companies.
Base period for the CCI (for dwellings) is the first quarter year 2011.
The reference period is quarterly.
Method of data collection
Data collection is carried out through the Survey on Construction Cost for dwellings. From a sample of statistical units are collected the price. Completion of the information is relayed by direct interview by the interviewer with the contact person of the enterprise who is charged to declare the data.
The questionnaire of CCI includes:
- the identification part, which provides information on the name of the enterprise, name of the president, address, fiscal code, legal form, etc.
- the technical part in which information is obtained on monthly prices and product specifications.
Is calculated automatically whenever price is entered, adjusted or imputed. It is the current price divided either by the actual base price or by an adjusted base price.
Arithmetically weighted averages of individual observations form the index numbers. The index is calculated by multiplying all weights by their corresponding index numbers (price ratio) then divide by the sum of the weights.
The imputation is done by multiplying the previous reported price by the average monthly price movement of the closest higher level of aggregation.
For calculation of index is used Laspeyres type and is calculated as following:
Measures of index
The annual change measures the price change between the current quarter and the same quarter of previous year. This measures is responsive to recent changes in price levels but can be influenced by one – off effects in either quarter.
Quarterly change measures the price changes between current quarter and previous quarter.