Non-Residential Construction Price Index1
A measure of variations in the cost of constructing non-residential projects.
- In Q1 2021, the Non-Residential Construction Price Index (NRCPI) for the Toronto Census Metropolitan Area (CMA) increased by 3.1 per cent.
- The change was comparable to the 3.0 per cent registered in Q1 2020.
- Changes in the index are expected to rise in 2021, before decelerating to more moderate levels in the medium term.
The NRCPI for the Toronto CMA increased by 3.1 per cent in Q1 2021, a comparable rate to the 3.0 per cent observed in Q1 2020.
The quarterly change in the index slowed since the second quarter of 2020, reflecting in part, the decline in commodity prices since the onset of the COVID-19 pandemic.
The price of commodities including those used in construction, has rebounded, and is expected to contribute to higher changes in the index for the remainder of 2021.
1The Non-residential Construction Price Index measures variations in the cost of constructing non-residential projects. The approach used to developing the index “seems especially appropriate for very heterogeneous types of construction which are impossible or difficult to price”. https://www150.statcan.gc.ca/n1/en/pub/62f0014m/62f0014m1996002-eng.pdf?st=8dgsxHDf