Construction Cost Index for buildings, October 2024
Construction costs fell in October 2024
Statistical news from Statistics Sweden 2024-11-15 8.00
The Construction Cost Index for multi-dwelling buildings decreased by 0.6 percent in October compared with September 2024. The annual rate of change in the Construction Cost Index was -0.3 percent in October, compared with the corresponding month in 2023 (increased by 0.7 percent in September).
In brief
- The cost of diesel oil increased by 1.2 percent in October compared with September 2024 but were 34.3 percent lower compared with the corresponding month in 2023.
- Costs for building materials rose by 1.8 percent compared with October 2023.
- The annual rate for costs of reinforcement steel continues to fall.
| Index | Change in percent | |||
|---|---|---|---|---|
| October | September 2024– October 2024 |
October 2023– October 2024 |
||
| Contractors' costs (82%) | 142.3 | 0.0 | 1.4 | |
| Construction clients' costs (18%) | 181.6 | ‑2.4 | ‑5.7 | |
| Total Construction cost index (100%) | 149.4 | ‑0.6 | ‑0.3 | |
Changes in the last month
The Construction Cost Index for multi-dwelling buildings decreased by 0.6 percent between September and October 2024. This decrease was due to the fact that construction clients’ costs decreased by 2.4 percent. Contractors’ costs were unchanged. These two groups account for 18 percent and 82 percent, respectively, of the Construction Cost Index.
Costs in the group ‘transport, fuel and electricity’ rose by 0.5 percent. Within that group, the cost of electricity and diesel oil increased by 2.3 percent and 1.2 percent respectively, while the costs of transport was unchanged. Overhead costs rose by 0.1 percent while costs for wages and salaries and machinery remained unchanged.
Contractors’ costs for building materials decreased by 0.2 percent. The costs of other building materials and concrete products decreased the most, by 1.4 percent and 0.7 percent respectively. The decrease was offset by higher costs of woodwork, iron and steel including reinforcement steel and wood products, which increased by between 0.3 and 2.1 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 5.1 percent.
Changes in the last year
The Construction Cost Index for multi-dwelling buildings decreased by 0.3 percent between October 2023 and October 2024. Contractors’ costs rose by 1.4 percent, which led to an upward contribution to the Construction Cost Index of 1.0 percentage point. Construction clients’ costs decreased by 5.7 percent, which led to an downward contribution to the Construction Cost Index of 1.3 percentage points. The decreased construction clients’ costs was due to lower interest costs, which decreased by 14.4 percent. The remaining construction clients’ costs increased by between 1.6 percent and 4.7 percent.
Contractors’ overhead costs and costs for wages and salaries increased by 3.5 percent and 3.3 percent respectively, while costs for machinery rose by 0.7 percent between October 2023 and October 2024. Contractors’ costs in the group ‘transport, fuel and electricity’ decreased by 13.9 percent. Within that group, the costs of electricity and diesel oil decreased by 26.9 percent and 34.3 percent respectively.
Contractors’ costs of building materials increased by 1.8 percent between October 2023 and October 2024. All costs in the building material groups rose, with the exception of electric material, other building materials and reinforcement steel, which decreased by between 0.9 and 2.9 percent. The costs of wood products and concrete products increased the most, by 8.7 percent and 5.2 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 | ||
|---|---|---|---|
| September 2024– October 2024 |
October 2023– October 2024 |
||
| Wood products | +0.3 | +8.7 | |
| Concrete products | ‑0.7 | +5.2 | |
| White goods | ‑0.1 | +4.9 | |
| Woodwork | +2.1 | +3.6 | |
| Iron and steel* | 0.4 | +1.2 | |
| Floor material | ‑0.1 | +0.6 | |
| Material for painting | 0.0 | +0.6 | |
| Plumbing material | ‑0.6 | +0.5 | |
| Reinforcement steel | ‑0.5 | ‑0.9 | |
| Other building materials** | ‑1.4 | ‑1.9 | |
| Electric material | ‑0.6 | ‑2.9 | |
| Total building materials | ‑0.2 | +1.8 | |
* 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
2024-12-16 08.00.
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