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Construction Costs Growth Hits 15-Year Low

Building Cost Growth Hits 15-Year Low
Residential construction costs growth hits 15-year low as it rose just by 0.4% in the March quarter. This is the lowest quarterly increase since 2010, according to the Cordell Construction Cost Index. As a result, annual cost growth fell from 4.0% in the December quarter to 3.4% in the March quarter. However, building costs have risen 31.3% since the start of the pandemic in March 2020, so ...
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Homebuilding Costs Increased by 40%

  Homebuilding costs have increased by nearly 40% since late 2019, according to a speech by Reserve Bank assistant governor Sarah Hunter. Meanwhile, general inflation (referred to as headline CPI in the graph) has been less than 20%. So why have residential construction costs grown twice as fast? Ms Hunter said one reason is that building materials and labour have “risen sharply” si...
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Rise In Construction Costs Slowing Down

Rise In Construction Costs Slowing Down
Construction costs continue to rise sharply, but the worst is behind us as it appears to be slowing down. Residential construction costs rose 11.9% during 2022, after climbing 7.3% in 2021, according to CoreLogic’s Cordell Construction Cost Index (CCCI). The 2022 result was the largest annual increase on record, apart from the period impacted by the introduction of the GST. However, t...
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Construction Activity at Record High

Construction Activity at Record High
Australia is experiencing a “record high” construction activity across all sectors and states, according to Rider Levett Bucknall’s third-quarter construction report. The amount of construction work underway across Australia during Q3 was unprecedented with “similar levels of activity” forecast for the next two to three years. RLB said this building boom was being driven by: Federal...
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