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Tuesday 5 November 2019
A quarterly analysis of changes to the main construction cost indices, material prices and labour costs shows continuing upward movement
Material and labour prices are continuing to rise, but global economic uncertainty may affect the numbers in future
Costs continue to rise steadily, as a result of ongoing domestic demand for materials and labour
Price pressures continue to be caused by weak productivity aggravated by Brexit negotiations, while exchange rates improved as the Bank of England prepared to raise interest rates.
Materials cost inflation continues to rise, although the effects of sterling’s weakness are filtering out slightly and the increase in input costs has slowed.
Building, electrical and mechanical costs are rising at varying rates along with materials costs as sterling continues to fluctuate but wages have fallen slightly year-on-year
The fall in the value of sterling has caused building costs and consumer prices to rise, while manufacturing input has taken a hard hit in the last year
Building costs rose overall, with materials cost inflation increasingly contributing to this - labour costs are rising too but at a lower rate
Labour cost inflation continues to be the prime driver for an overall rise in building costs, but increased material costs are also playing their part
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