Building costs increase by 1%

Building costs increase by 1%

Building costs increased slightly in the first half of the year

Building costs increased slightly in the first half of 2012, according to the Society of Chartered Surveyors Ireland. New data from the industry body show that the trend of moderate increases over the past 12 months is continuing.

The Society of Chartered Surveyors Ireland Tender Price Index, which has been running since 1998, shows that construction tender prices increased by 1 per cent since the end of last year and were up 3 per cent for the full year from the first half of 2011.

The group claims that the index is the only independent assessment of construction tender prices in Ireland.

According to the index, construction tender prices have fallen by about one-third since their peak in the first half of 2007 and are now at a level last seen in 1998.

Commenting on the shortage of available skills for specialist projects, Andrew Nugent, chairman of the Quantity Surveying Professional Group, said it was likely sub-contract prices for certain projects would continue to rise more significantly if major projects requiring such skills went ahead.

Source: The Irish Times.

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