Construction Cost Index for buildings, April 2024
The Construction Cost Index rose by 0.3 percent in April
Statistical news from Statistics Sweden 2024-05-15 8.00
The Construction Cost Index for multi-dwelling buildings increased by 0.3 percent in April compared with March 2024. The annual rate of change in the Construction Cost Index was 2.9 percent in April, compared with the corresponding month in 2023 (2.9 percent in March).
In brief
- The cost of official employee wages according to the collective agreements rose by 3.3 percent in April compared with March 2024.
- The costs of electricity decreased by 4.2 percent between March and April 2024.
- The cost of diesel oil increased by 0.7 percent in April compared with March 2024 but were 15.2 percent lower compared with the corresponding month in 2023.
- The annual rate for costs of reinforcement steel continues to fall.
| Index | Change in percent | |||
|---|---|---|---|---|
| April | March 2024– April 2024 |
April 2023– April 2024 |
||
| Contractors' costs (82%) | 140.9 | 0.5 | 1.8 | |
| Construction clients' costs (18%) | 194.6 | ‑0.2 | 7.0 | |
| Total Construction cost index (100%) | 150.5 | 0.3 | 2.9 | |
Changes in the last month
The Construction Cost Index for multi-dwelling buildings increased by 0.3 percent between March and April 2024. This increase was due to the fact that contactors’ costs increased by 0.5 percent. Construction clients’ costs decreased by 0.2 percent. These two groups account for 82 percent and 18 percent, respectively, of the Construction Cost Index.
Costs in the group ‘transport, fuel and electricity’ increased by 0.2 percent. The increase was due to higher costs of transport and diesel oil, which increased by 1.4 percent and 0.7 percent respectively. The increase was offset by lower costs for electricity, which decreased by 4.2 percent. Contractors’ overhead costs increased by 2.1 percent, while costs for wages and salaries rose by 0.2 percent. The cost for machinery remained unchanged.
Contractors’ costs for building materials increased by 0.2 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 by between 0.3 and 0.8 percent. The costs of wood products increased the most, which rose by 2.8 percent.
Construction clients’ costs consist of interest and credit costs, costs for plans, and central administration. Interest costs decreased by 1.4 percent, while official employee wages according to the collective agreements rose by 3.3 percent. The other construction clients’ costs rose slightly or remained unchanged.
Changes in the last year
The Construction Cost Index for multi-dwelling buildings increased by 2.9 percent between April 2023 and April 2024. Contractors’ costs rose by 1.8 percent, which led to an upward contribution to the Construction Cost Index of 1.4 percentage points. Construction clients’ costs increased by 7.0 percent, which led to an upward contribution to the Construction Cost Index of 1.5 percentage points. The increased construction clients’ costs was mostly due to higher interest costs by 9.9 percent.
Contractors’ overhead costs and costs for wages and salaries increased by 4.5 percent and 4.1 percent respectively, while costs for machinery rose by 1.6 percent between April 2023 and April 2024. Contractors’ costs in the group ‘transport, fuel and electricity’ decreased by 7.8 percent. Within that group, the costs of electricity and diesel oil decreased by 24.4 percent and 15.2 percent respectively.
Contractors’ costs of building materials increased by 1.0 percent between April 2023 and April 2024. All costs in the building material groups rose, with the exception of reinforcement steel, floor material and electric material, which decreased by between 2.0 and 8.1 percent. The costs of white goods increased the most, which rose by 7.9 percent.
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 | ||
|---|---|---|---|
| March 2024– April 2024 |
April 2023– April 2024 |
||
| White goods | +0.1 | +7.9 | |
| Woodwork | +0.2 | +4.4 | |
| Material for painting | ‑0.0 | +4.3 | |
| Other building materials** | +1.1 | +3.2 | |
| Concrete products | +0.6 | +2.7 | |
| Wood products | +2.8 | +2.5 | |
| Plumbing material | ‑0.3 | +1.7 | |
| Electric material | ‑0.8 | ‑2.0 | |
| Floor material | +0.0 | ‑3.1 | |
| Iron and steel* | ‑0.1 | ‑3.4 | |
| Reinforcement steel | ‑0.3 | ‑8.1 | |
| Total building materials | +0.2 | +1.0 | |
* 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
2024-06-17 08.00.
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