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Tender prices to bust inflation for five years

Tender prices for construction work are expected to increase well ahead of inflation over the next five years, the latest figures compiled by cost information service BCIS show.
Prices are expected to rise two-and-a-half times inflation over the next five years with growth coming from the public non-housing sector and private commercial work with the Olympics aiding growth towards the end of the period.

In its latest update, the price of new construction work fell by 4 per cent in the first three months of this year compared to the previous quarter.

BCIS put the drop down to a sharp rise in tender costs in the final quarter last year, when contractors put in place contingency plans for excessive material price increases in 2005 which did not materialise.

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