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• Create Date July 16, 2024
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Output Building Cost Indices: 2nd Quarter 2024

The composite index for construction materials, measured by Stats SA, showed a stable preliminary increase of 7.4% in Q2 2024, consistent with the previous quarter. Input costs for domestic buildings remained steady at around a 5% increase over the past two quarters. The output cost housing construction index has been subdued since late 2022 due to higher lending rates impacting consumer demand. However, after a moderate 2% increase in Q1, the residential construction output index rose by 8% year-on-year in Q2 2024. Construction cost inflation for industrial developments slowed to below 7% in Q2, indicating a cooling market, while retail construction inflation accelerated. Data for office building construction has become increasingly volatile due to a shrinking sample size. Preliminary estimates indicate a 3% decrease in office construction cost inflation in the first half of 2024 compared to 2023, while industrial construction costs increased by 4% and retail space construction costs surged by 17% in the same period.

 

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