Non-Residential Construction Price Index1
A measure of variations in the cost of constructing non-residential projects.
- In Q4 2020, the change in the Non-Residential Construction Price Index (NRCPI) for the Toronto Census Metropolitan Area (CMA) was 2.5 per cent.
- The change in the annual NRCPI for the Toronto CMA slowed from 2.9 per cent in 2019 to 2.6 per cent in 2020.
- The index is expected to slow further to 1.9 per cent in 2021.
In Q4 2020, the NRCPI for the Toronto CMA increased by 2.5 per cent, lower than the 2.9 per cent registered in Q4 2019.
The quarterly change in the index slowed since the second quarter of 2020, when COVID-19 restrictions were first implemented.
Lower changes in the index since Q2 2020 contributed to a slowing in the index for the calendar year 2020 to 2.6 per cent, down from 3.8 per cent in 2019. This was the second consecutive year in which the change in the NRCPI moderated.
Current forecast is for the NRCPI for the Toronto CMA to slow further to 1.9 per cent in 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