Construction Cost Index for buildings, December 2023
Slight decline in the Construction Cost Index in December 2023
Statistical news from Statistics Sweden 2024-01-15 8.00
The Construction Cost Index for multi-dwelling buildings decreased by 0.7 percent in December 2023 compared with November 2023. The annual rate of change in the Construction Cost Index was 5.9 percent in December, compared with the corresponding month in 2022, down from 7.1 percent in November.
In brief
- The costs of diesel oil decreased by 6.3 percent in December 2023 compared with November 2023.
- Interest costs decreased in December 2023 but were 45.6 percent higher compared with the corresponding month in 2022.
- The annual rate for Construction Cost Index decreased in December 2023.
- The annual rate for costs of reinforcement steel, wood products and iron and steel including reinforcement steel continues to fall.
| Index | Change in percent | |||
|---|---|---|---|---|
| December | November 2023– December 2023 |
December 2022– December 2023 |
||
| Contractors' costs (82%) | 139.6 | ‑0.6 | 1.9 | |
| Construction clients' costs (18%) | 193.6 | ‑1.0 | 21.8 | |
| Total Construction cost index (100%) | 149.3 | ‑0.7 | 5.9 | |
Changes in the last month
The Construction Cost Index for multi-dwelling buildings decreased by 0.7 percent between November and December 2023. In the corresponding period in 2022, the Construction Cost Index increased by 0.4.
Contactors’ costs decreased by 0.6 percent, while construction clients’ costs decreased by 1.0 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’ decreased by 1.7 percent. The costs for diesel oil decreased the most, by 6.3 percent. Contractors’ overhead costs increased by 0.1 percent, while costs for machinery and wages and salaries remained unchanged.
Contractors’ costs for building materials decreased by 1.2 percent. The costs of electric material and other building materials decreased the most, by 3.6 percent and 1.8 percent respectively. Costs for concrete products, iron and steel including reinforcement steel, reinforcement steel and floor material also fell. The remaining costs in the building material groups increased slightly or was unchanged.
Construction clients’ costs consist of interest and credit costs, costs for plans, and central administration. The decrease in construction clients’ costs was due to the fact that interest costs fell by 2.0 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 5.9 percent between December 2022 and December 2023. Contractors’ costs rose by 1.9 percent, which led to an upward contribution to the Construction Cost Index of 1.5 percentage points. Construction clients’ costs increased by 21.8 percent, which led to an upward contribution to the Construction Cost Index of 4.4 percentage points. The increased construction clients’ costs was mostly due to higher interest costs by 45.6 percent.
Contractors’ costs for machinery and costs for wages and salaries increased by 5.1 percent and 4.4 percent respectively, while overhead costs rose by 4.0 percent between December 2022 and December 2023. Contractors’ costs in the group ‘transport, fuel and electricity’ decreased by 14.1 percent. Within that group, the cost of electricity and diesel oil decreased by 45.5 percent and 7.6 percent respectively. The decrease was offset by higher costs of transport, which increased by 2.7 percent.
Contractors’ costs of building materials increased by 2.0 percent between December 2022 and December 2023. All costs in the building material groups rose, with the exception of reinforcement steel and wood products which decreased by 10.3 percent and 4.9 percent respectively, as well as iron and steel including reinforcement steel which decreased by 4.8 percent. The costs of white goods and other building materials increased the most, by 7.9 percent and 7.2 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 | ||
|---|---|---|---|
| November 2023– December 2023 |
December 2022– December 2023 |
||
| White goods | +0.2 | +7.9 | |
| Other building materials** | ‑1.8 | +7.2 | |
| Material for painting | 0.0 | +6.2 | |
| Woodwork | +0.1 | +5.7 | |
| Plumbing material | ‑0.0 | +4.2 | |
| Concrete products | ‑1.4 | +3.1 | |
| Electric material | ‑3.6 | +1.3 | |
| Floor material | ‑0.1 | +1.0 | |
| Iron and steel* | ‑0.7 | ‑4.8 | |
| Wood products | ‑0.0 | ‑4.9 | |
| Reinforcement steel | ‑0.5 | ‑10.3 | |
| Total building materials | ‑1.2 | +2.0 | |
* 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
2024-02-15 08.00.
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