Construction Cost Index for buildings, August 2024
The annual rate for the Construction Cost Index decreased to 1.2 percent in August
Statistical news from Statistics Sweden 2024-09-16 8.00
The Construction Cost Index for multi-dwelling buildings decreased by 0.1 percent in August compared with July 2024. The annual rate of change in the Construction Cost Index was 1.2 percent in August, compared with the corresponding month in 2023 (1.9 percent in July).
In brief
- The annual rate decreased to 1.2 percent in August, which is the lowest annual rate of change since October 2020.
- The cost of diesel oil decreased by 3.2 percent in August compared with July 2024 and were 26.9 percent lower compared with the corresponding month in 2023.
- The annual rate for costs of reinforcement steel continues to fall.
| Index | Change in percent | |||
|---|---|---|---|---|
| August | July 2024– August 2024 |
August 2023– August 2024 |
||
| Contractors' costs (82%) | 142.9 | 0.4 | 1.6 | |
| Construction clients' costs (18%) | 189.4 | ‑1.7 | ‑0.3 | |
| Total Construction cost index (100%) | 151.2 | ‑0.1 | 1.2 | |
Changes in the last month
The Construction Cost Index for multi-dwelling buildings decreased by 0.1 percent between July and August 2024. This decrease was due to the fact that construction clients’ costs decreased by 1.7 percent. Contactors’ costs increased by 0.4 percent. These two groups account for 18 percent and 82 percent, respectively, of the Construction Cost Index.
Costs in the group ‘transport, fuel and electricity’ fell by 1.8 percent. The cost of electricity decreased by 5.5 percent and the costs of diesel oil and transport decreased by 3.2 percent and 0.7 percent respectively. Overhead costs rose by 0.1 percent while costs for wages and salaries and machinery remained unchanged.
Contractors’ costs for building materials increased by 0.9 percent. All costs in the building material groups rose slightly or remained unchanged, with the exception of woodwork and white goods, which decreased slightly. The costs of electric material increased the most, which rose by 2.5 percent.
Construction clients’ costs consist of interest and credit costs, costs for plans, and central administration. The decrease in construction clients’ costs was due to lower interest costs, which fell by 3.6 percent. The other construction clients’ costs increased slightly or remained unchanged.
Changes in the last year
The Construction Cost Index for multi-dwelling buildings increased by 1.2 percent between August 2023 and August 2024. Contractors’ costs rose by 1.6 percent, which led to an upward contribution to the Construction Cost Index of 1.3 percentage points. Construction clients’ costs decreased by 0.3 percent, which led to an downward contribution to the Construction Cost Index of 0.1 percentage points. The decreased construction clients’ costs was due to lower interest costs, which decreased by 4.2 percent. The remaining construction clients’ costs increased by between 2.6 percent and 4.7 percent.
Contractors’ overhead costs and costs for wages and salaries increased by 3.9 percent and 3.3 percent respectively, while costs for machinery rose by 0.7 percent between August 2023 and August 2024. Contractors’ costs in the group ‘transport, fuel and electricity’ decreased by 14.4 percent. Within that group, the costs of electricity and diesel oil decreased by 38.9 percent and 26.9 percent respectively.
Contractors’ costs of building materials increased by 2.2 percent between August 2023 and August 2024. All costs in the building material groups rose, with the exception of electric material and reinforcement steel, which decreased by 3.0 and 0.1 percent respectively. The costs of wood products and white goods increased the most, by 7.7 percent and 5.7 percent respectively.
Construction Cost Index for multi-dwelling buildings, excl. wage drift and value-added tax.
The width of the bars represents the production factor’s weight share in percent in the calculation of the Construction Cost Index for multi-dwelling buildings. The height of the bars represents the average price development of each production factor.
| Goods | Change in percent | ||
|---|---|---|---|
| July 2024– August 2024 |
August 2023– August 2024 |
||
| Wood products | +0.1 | +7.7 | |
| White goods | ‑0.0 | +5.7 | |
| Concrete products | +0.7 | +5.0 | |
| Woodwork | ‑0.0 | +4.2 | |
| Material for painting | 0.0 | +3.1 | |
| Other building materials** | +0.8 | +2.8 | |
| Plumbing material | +1.3 | +1.1 | |
| Floor material | +0.1 | +1.0 | |
| Iron and steel* | +0.9 | +0.7 | |
| Reinforcement steel | +0.6 | ‑0.1 | |
| Electric material | +2.5 | ‑3.0 | |
| Total building materials | +0.9 | +2.2 | |
* Includes reinforcement steel. ** Includes materials for thermal insulation, garbage equipment, gypsum and wood-based boards.
Construction Cost Index for multi-dwelling buildings, excl. wage drift and value-added tax
The width of the bars represents the construction material group’s weight share in percent of all construction material in the calculation of the Construction Cost Index for multi-dwelling buildings. The height of the bars represents the average price development of each product category.
Next publishing will be
2024-10-15 08.00.
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