The building cost index compiled in the middle of January 2015 is 123.3 points (December 2009=100), 2.1% higher than in the previous month.
Prices of imported materials decreased by 2.1% (effect on the index -0.5%) and prices of domestic materials decreased by 0.2% (-0.1%). The Labour cost increased by 9.9% (2.7%). This is primarily due to the expiration of the temporary refund of value added tax on labour cost on construction sites and services of designers and supervisors. The refund was valid in accordance with Act No. 10/2009 from March 2009 till the end of 2014.
In the last twelve months the BCI has increased by 3.7%. The index applies to February 2015.
| The Icelandic building cost index 2014-2015 | |||||||
| Month of application January 2010=100 | Reference month December 2009=100 | ||||||
| Annualized rates | |||||||
| Monthly changes | Latest month, % | Latest 3 months, % | Latest 6 months, % | Latest 12 months, % | |||
| 2014 | |||||||
| February | 118.9 | 118.9 | 0.0 | -0.6 | -1.5 | 0.5 | 0.1 |
| March | 118.9 | 120.0 | 0.9 | 11.9 | 3.3 | 2.2 | 1.1 |
| April | 120.0 | 120.0 | 0.0 | -0.2 | 3.5 | 1.7 | 1.2 |
| May | 120.0 | 120.6 | 0.5 | 6.3 | 5.9 | 2.1 | 2.0 |
| June | 120.6 | 120.7 | 0.1 | 1.0 | 2.3 | 2.8 | 1.6 |
| July | 120.7 | 120.7 | 0.0 | 0.3 | 2.5 | 3 | 1.7 |
| August | 120.7 | 120.8 | 0.1 | 1.4 | 0.9 | 3.4 | 1.9 |
| September | 120.8 | 120.5 | -0.3 | -3.7 | -0.7 | 0.8 | 1.5 |
| October | 120.5 | 120.6 | 0.1 | 1.2 | -0.4 | 1 | 1.4 |
| November | 120.6 | 120.8 | 0.2 | 2.3 | -0.1 | 0.4 | 1.3 |
| December | 120.8 | 120.9 | 0.1 | 0.6 | 1.4 | 0.3 | 1.6 |
| 2015 | |||||||
| January | 120.9 | 123.3 | 2.1 | 27.6 | 9.5 | 4.4 | 3.7 |
| February | 123.3 | . | . | . | . | . | . |