By Michael Hubbard2023-10-05T06:01:00
Against a poor economic backdrop, construction output is holding up in every sub-sector except housing. However there are still reasons to be worried.
Tender price index ▲
Tender prices increased by around 9% in the 12 months to Q3 2023. Price inflation trends remain elevated but are tracking a slower pace, which is expected to continue.
Building cost index ▲
A composite measure of building input costs is expected to increase by 1% in the year to August 2023. There is a larger number of components in the index that are deflationary, though labour rates are still rising strongly.
Consumer prices index ▲
The consumer prices index dropped to 6.7% in the 12 months to August 2023 from 6.8% in July. However, this is still over three times higher than the target rate of 2%.
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