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Cost-of-construction index / ICC

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Definition

The cost-of-construction index measures trends each quarter in the prices of new buildings for mainly residential use. It concerns the price inclusive of VAT paid by owners to construction companies. It excludes prices and costs relating to the land (site preparation, special foundations...) and any fees, developer costs and financial costs, and does not cover maintenance and improvement operations.

Note

It is used in national accounts to estimate the sharing volume-price in the construction. It is use in the regulations concerning commercial leases.