Construction Cost Index for buildings, March 2024
The annual rate for the Construction Cost Index increased to 2.9 percent in March
Statistical news from Statistics Sweden 2024-04-15 8.00
The Construction Cost Index for multi-dwelling buildings increased by 0.2 percent in March compared with February 2024. The annual rate of change in the Construction Cost Index was 2.9 percent in March, compared with the corresponding month in 2023, up from 2.8 percent in February.
In brief
- The costs of electricity increased by 4.9 percent in March compared with February 2024.
- Interest costs increased by 0.3 percent in March compared with February 2024 and were 18.1 percent higher compared with the corresponding month in 2023.
- The annual rate for costs of reinforcement steel continues to fall.
| Index | Change in percent | |||
|---|---|---|---|---|
| March | February 2024– March 2024 |
March 2023– March 2024 |
||
| Contractors' costs (82%) | 140.2 | 0.2 | 0.7 | |
| Construction clients' costs (18%) | 194.9 | 0.2 | 11.0 | |
| Total Construction cost index (100%) | 150.0 | 0.2 | 2.9 | |
Changes in the last month
The Construction Cost Index for multi-dwelling buildings increased by 0.2 percent between February and March 2024. This increase was due to the fact that contactors’ costs and construction clients’ costs increased by 0.2 percent each. These two groups account for 82 percent and 18 percent, respectively, of the Construction Cost Index.
Construction clients’ costs consist of interest and credit costs, costs for plans, and central administration. Interest costs increased the most, by 0.3 percent. The other construction clients’ costs rose slightly or remained unchanged.
Costs in the group ‘transport, fuel and electricity’ increased by 0.7 percent. The increase was due to higher costs of electricity by 4.9 percent. The increase was offset by lower costs for diesel oil, which decreased by 1.4 percent. Contractors’ overhead costs increased by 0.1 percent, while costs for machinery and wages and salaries remained unchanged.
Contractors’ costs for building materials increased by 0.3 percent. All costs in the building material groups rose slightly, with the exception of floor material, plumbing material and reinforcement steel, which decreased by between 0.1 and 0.2 percent. The costs of concrete products and woodwork increased the most, by 0.7 percent each.
Changes in the last year
The Construction Cost Index for multi-dwelling buildings increased by 2.9 percent between March 2023 and March 2024. Contractors’ costs rose by 0.7 percent, which led to an upward contribution to the Construction Cost Index of 0.6 percentage points. Construction clients’ costs increased by 11.0 percent, which led to an upward contribution to the Construction Cost Index of 2.3 percentage points. The increased construction clients’ costs was mostly due to higher interest costs by 18.1 percent.
Contractors’ costs for overhead costs and wages and salaries increased by 4.7 percent and 4.2 percent respectively, while costs for machinery rose by 1.6 percent between March 2023 and March 2024. Contractors’ costs in the group ‘transport, fuel and electricity’ decreased by 23.8 percent. Within that group, the costs of electricity and diesel oil decreased by 58.3 percent and 17.8 percent respectively.
Contractors’ costs of building materials increased by 1.7 percent between March 2023 and March 2024. The costs of white goods and woodwork increased the most, by 8.3 percent and 6.5 percent respectively. The increase was offset by lower costs of reinforcement steel, which decreased by 6.1 percent between March 2023 and March 2024. Costs also fell for floor material and electric material.
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 | ||
|---|---|---|---|
| February 2024– March 2024 |
March 2023– March 2024 |
||
| White goods | +0.1 | +8.3 | |
| Woodwork | +0.7 | +6.5 | |
| Material for painting | 0.0 | +4.4 | |
| Concrete products | +0.7 | +3.0 | |
| Plumbing material | ‑0.1 | +2.5 | |
| Other building materials** | +0.2 | +2.3 | |
| Wood products | ‑0.0 | +1.4 | |
| Electric material | +0.1 | ‑0.7 | |
| Floor material | ‑0.2 | ‑2.5 | |
| Iron and steel* | +0.2 | ‑2.7 | |
| Reinforcement steel | ‑0.1 | ‑6.1 | |
| Total building materials | +0.3 | +1.7 | |
* 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
2024-05-15 08.00.
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