Contract price

{
  "id": "MLC-T-ECS-000386",
  "term": "Contract price",
  "field": "Economic statistics",
  "term_source": "Contract Price",
  "definition": "The contract price used in the Characteristics of New Housing statistics for contractor-built houses is the price on the original contract awarded to the general contractor. Generally, the contract price does not reflect subsequent changes in the price resulting from change orders or from any other factors affecting the price of the house. It does not include the cost of any contracts awarded to a different contractor for work on the grounds around the house, nor does it include any proposed expenditures on the house after the general contractor completes construction. Finally, because the house is being built for the owner's occupancy on the owner's own land, the contract price does not include the cost of the land.",
  "references": [
    "U.S. Census Bureau Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/contract-price/"
}