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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
Labour cost inflation remains the primary culprit for a continued rise to building costs, but the rate at which materials costs are growing is still moderate
Labour costs continue to be the primary driver of building cost inflation in last year’s final quarter, with a mixed picture still for building materials
Labour prices continue to be the main driver behind cost inflation in the third quarter of the year
Materials cost inflation falls again but construction weekly earnings continue to outperform those of the wider economy
The consumer price inflation rate dips into negative territory on a single-month basis for the first time in recorded history
Construction output rose 5.5% over 2014, but construction materials and consumer price inflation have both slowed.
Construction output rises 3.5% year-on-year, with new housing construction still a prominent reason for increases in output and materials price inflation
Construction output recorded no change compared with the last quarter, while new housing construction is the primary reason for rises in new work output
New housing construction is primary reason for total construction increase since Q3 2013. Total employment figures increase year-on-year
Construction output has a way to go to get back to pre-recession levels; materials prices aren’t going anywhere fast and steel is in free fall.
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