Construction Cost Index for buildings, January 2024
Nearly unchanged Construction Cost Index in January 2024
The Construction Cost Index for multi-dwelling buildings increased by 0.1 percent in January 2024 compared with December 2023. The annual rate of change in the Construction Cost Index was 3.7 percent in January, compared with the corresponding month in 2023, down from 5.9 percent in December.
In brief
- The costs of diesel oil decreased by 17.8 percent in January 2024 compared with December 2023.
- The costs for electricity increased by 3.0 percent in January 2024 compared with October 2023 but were 54.5 percent lower compared with the corresponding month in 2023.
- Interest costs increased by 26.4 percent between January 2023 and January 2024.
- The annual rate for costs of reinforcement steel and iron and steel including reinforcement steel continues to fall.
| Index | Change in percent | |||
|---|---|---|---|---|
| January | December 2023– January 2024 |
January 2023– January 2024 |
||
| Contractors' costs (82%) | 139.7 | 0.0 | 0.8 | |
| Construction clients' costs (18%) | 193.8 | 0.1 | 14.3 | |
| Total Construction cost index (100%) | 149.4 | 0.1 | 3.7 | |
Changes in the last month
The Construction Cost Index for multi-dwelling buildings increased by 0.1 percent between December 2023 and January 2024. This increase was due to higher construction clients’ costs, having increased by 0.1 percent. Contactors’ costs remained unchanged. These two groups account for 18 percent and 82 percent, respectively, of the Construction Cost Index.
Construction clients’ costs consist of interest and credit costs, costs for plans, and central administration. All construction clients’ costs rose slightly with the exception of interest costs which decreased by 0.5 percent.
Costs in the group ‘transport, fuel and electricity’ decreased by 3.7 percent. The costs for diesel oil decreased the most, by 17.8 percent. The costs of electricity rose by 3.0 percent (compared with October 2023, which is the latest available comparison data for electricity). Contractors’ overhead costs increased by 1.1 percent, while costs for wages and salaries rose by 0.1 percent. Costs for machinery remained unchanged.
Contractors’ costs for building materials increased by 0.2 percent. The costs of white goods and wood products increased the most, by 4.1 percent and 1.1 percent respectively. The increase was offset by the fact that the costs for other building materials, electric material and iron and steel including reinforcement steel decreased by between 0.2 and 0.8 percent.
Changes in the last year
The Construction Cost Index for multi-dwelling buildings increased by 3.7 percent between January 2023 and January 2024. Contractors’ costs rose by 0.8 percent, which led to an upward contribution to the Construction Cost Index of 0.6 percentage points. Construction clients’ costs increased by 14.3 percent, which led to an upward contribution to the Construction Cost Index of 3.0 percentage points. The increased construction clients’ costs was mostly due to higher interest costs by 26.4 percent.
Contractors’ costs for machinery and overhead costs increased by 5.1 percent and 4.3 percent respectively, while costs for wages and salaries rose by 4.1 percent between January 2023 and January 2024. Contractors’ costs in the group ‘transport, fuel and electricity’ decreased by 23.7 percent. Within that group, the cost of electricity and diesel oil decreased by 54.5 percent and 24.5 percent respectively.
Contractors’ costs of building materials increased by 1.6 percent between January 2023 and January 2024. All costs in the building material groups rose, with the exception of reinforcement steel and iron and steel including reinforcement steel which decreased by 8.7 percent and 4.2 percent respectively, as well as the costs of floor material which fell by 0.3 percent. The costs of white goods and woodwork increased the most, by 8.6 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 | ||
|---|---|---|---|
| December 2023– January 2024 |
January 2023– January 2024 |
||
| White goods | +4.1 | +8.6 | |
| Woodwork | +0.1 | +5.7 | |
| Material for painting | +0.6 | +4.4 | |
| Plumbing material | +0.4 | +4.0 | |
| Other building materials** | ‑0.8 | +3.8 | |
| Concrete products | +0.5 | +1.8 | |
| Electric material | ‑0.5 | +0.8 | |
| Wood products | +1.1 | +0.4 | |
| Floor material | +0.0 | ‑0.3 | |
| Iron and steel* | ‑0.2 | ‑4.2 | |
| Reinforcement steel | +0.4 | ‑8.7 | |
| Total building materials | +0.2 | +1.6 | |
* 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
2024-03-15 08.00.
Statistical Database
More information is available in the Statistical Database
Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.