By Chisomo Phiri
The National Construction Industry Council (NCIC) and National Statistical Office (NSO) have developed Construction Cost Indices (CCI) to guide contractors and developers in planning projects amid rising building material costs.
Speaking at a press briefing in Lilongwe on Friday, NCIC Chief Executive Officer(CEO) Gerald Khonje lamented that the construction sector faces significant cost pressures, affecting project timelines, budgets, and quality.
“The sector has faced challenges in planning, budgeting, cost management, and handling cost adjustments, leading to project delays, unattainable projects, abandoned projects, and compromised quality,” said Khonje.
He explained that the CCI will assist the construction industry with price adjustments for projects due to material price changes resulting from currency devaluation.
“Additionally, the CCI will provide short- and long-term cost changes to facilitate more accurate bids and predict future project costs by analyzing past project trends,” he added.
Khonje also noted that some material price hikes are unrealistic and expressed optimism that the CCI will help traders make proper price adjustments.
The indices consider three construction factors: labor, raw materials, and capital costs.
 and National Statistical Office (NSO) have developed Construction Cost Indices (CCI) to guide contractors and developers in planning projects amid rising…){kind=link}