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Building cost index, bases 1987, 2009 and 2021

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Statistics Iceland
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Base in December 2021 = 100, December 2009 = 100 and June 1987 = 100. The values refer to the month of measurement and compilation. The measurement of the building cost index is carried out on the basis of the Act on Statistics Iceland and official statistics no. 163. from 21 December 2007. The compilation of the index was governed by the act on the building cost index no. 42/1987 during the effective period of the law from 30 March 1987 - 31 December 2021. The extraordinary law was enacted for the use of the BCI in the old credit terms index. The compilation of the BCI which occurred in a certain month was to be used in the old credit terms index exactly one month later (application month). In the period 1979 to January 1989 the credit terms index was a composite index of the consumer price index (2/3) and the building cost index (1/3). In the period February 1989 to March 1995 it was composed equally of the consumer price index, building cost index and wage index. Since 1995 the credit terms index is not used for indexing new loans. The price of inputs used for the construction of an apartment house in the capital area are measured. From January 2022 prices are without value added tax, whereas during the effective period of the extraordinary act on the building cost index, prices included VAT. Each compilation measures the most recent base only, whereas indices of earlier bases are extrapolated with the price changes of the newest base.