Sharp drop in construction cost inflation

Prices for steel, insulation, and energy stabilise while concrete and labour costs remain an issue

The 6.2% annual increase is down significantly from the 14% inflation rate recorded between July 2021 and June 2022. Picture: Larry Cummins

Construction cost inflation has dropped further as more stable supply chains and energy costs feed through to building costs.

A report from the Society of Chartered Surveyors Ireland (SCSI) shows that non-residential construction costs rose by 2.4% in the first half of 2023, down from 3.7% in the second half of last year.