May 20, 2009
Cost of non-residential construction in Vancouver drops in first-quarter 2009
According to a report released by Statistics Canada on May 14, the composite price index for non-residential building construction in Vancouver decreased by 10.7 per cent in the first quarter of 2009 compared with the previous quarter.
In Calgary, the cost of non-residential building construction decreased by 4.6 per cent in the same period, while the index dropped by 4.2 per cent to 145.1 (2002=100) in Canada.
“The quarterly decrease was mostly the result of declines in construction material prices and competitive conditions due to a weaker non-residential building construction market, most notably in Western Canada,” stated the report.
Calgary saw an annual increase of 2.7 per cent, while the biggest decrease was in Vancouver at 9.1 per cent.
Edmonton had an annual decrease of 4.7 per cent.
These price indexes are derived from surveys of general and special trade group contractors. They report data on various categories of costs (material, labour, equipment, taxes, overhead and profit) relevant to the detailed construction specifications included in the surveys.
JOC News Service
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