Construction Cost Index for buildings, May 2024
The annual rate for the Construction Cost Index decreased to 2.3 percent in May
Statistical news from Statistics Sweden 2024-06-17 8.00
The Construction Cost Index for multi-dwelling buildings increased by 0.6 percent in May compared with April 2024. The annual rate of change in the Construction Cost Index was 2.3 percent in May, compared with the corresponding month in 2023 (2.9 percent in April).
In brief
- The cost of wages and salaries rose by 3.1 percent in May compared with April 2024.
- The costs of electricity decreased by 15.4 percent between April and May 2024.
- The cost of diesel oil decreased by 3.7 percent in May compared with April 2024.
- The annual rate for costs of reinforcement steel continues to fall.
| Index | Change in percent | |||
|---|---|---|---|---|
| May | April 2024– May 2024 |
May 2023– May 2024 |
||
| Contractors' costs (82%) | 141.9 | 0.7 | 1.3 | |
| Construction clients' costs (18%) | 195.2 | 0.3 | 6.0 | |
| Total Construction cost index (100%) | 151.4 | 0.6 | 2.3 | |
Changes in the last month
The Construction Cost Index for multi-dwelling buildings increased by 0.6 percent between April and May 2024. This increase was due to the fact that contactors’ costs and construction clients’ costs increased by 0.7 percent and 0.3 percent respectively. These two groups account for 82 percent and 18 percent, respectively, of the Construction Cost Index.
With an increase of 3.1 percent between April and May 2024, wages and salaries had a large impact on the rising contractor’s costs. The cost for machinery increased by 0.5 percent, while contractors’ overhead costs rose by 0.1 percent. Costs in the group ‘transport, fuel and electricity’ decreased by 3.7 percent. Within that group, the costs of electricity and diesel oil decreased by 15.4 percent and 3.7 percent respectively.
Contractors’ costs for building materials increased by 0.3 percent. All costs in the building material groups rose slightly or remained unchanged, with the exception of electric material, plumbing material and reinforcement steel, which decreased. The costs of wood products increased the most, which rose by 3.2 percent.
Construction clients’ costs consist of interest and credit costs, costs for plans, and central administration. Costs for plans increased the most, while interest costs decreased.
Changes in the last year
The Construction Cost Index for multi-dwelling buildings increased by 2.3 percent between May 2023 and May 2024. It is the lowest annual rate of change since January 2021. Contractors’ costs rose by 1.3 percent, which led to an upward contribution to the Construction Cost Index of 1.0 percentage points. Construction clients’ costs increased by 6.0 percent, which led to an upward contribution to the Construction Cost Index of 1.3 percentage points. The increased construction clients’ costs was mostly due to higher interest costs by 8.1 percent.
Contractors’ overhead costs and costs for wages and salaries increased by 4.4 percent and 3.4 percent respectively, while costs for machinery rose by 1.3 percent between May 2023 and May 2024. Contractors’ costs in the group ‘transport, fuel and electricity’ decreased by 10.2 percent. Within that group, the costs of electricity and diesel oil decreased by 36.0 percent and 13.9 percent respectively.
Contractors’ costs of building materials increased by 0.6 percent between May 2023 and May 2024. All costs in the building material groups rose, with the exception of reinforcement steel, floor material and electric material, which decreased by between 2.4 and 10.0 percent. The costs of white goods and wood products increased the most, by 7.6 percent and 6.9 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 | ||
|---|---|---|---|
| April 2024– May 2024 |
May 2023– May 2024 |
||
| White goods | +0.1 | +7.6 | |
| Wood products | +3.2 | +6.9 | |
| Material for painting | 0.0 | +4.3 | |
| Woodwork | +0.3 | +4.1 | |
| Other building materials** | +0.8 | +3.2 | |
| Plumbing material | ‑0.2 | +1.9 | |
| Concrete products | +0.2 | +1.4 | |
| Floor material | +0.1 | ‑2.4 | |
| Electric material | ‑0.1 | ‑2.8 | |
| Iron and steel* | +0.1 | ‑4.4 | |
| Reinforcement steel | ‑0.1 | ‑10.0 | |
| Total building materials | +0.3 | +0.6 | |
* 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
2024-08-15 08.00.
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