Building price hikes ease 'significantly' to 1.5%

Labour costs are now the number one issue for the sector

Construction site labour inflation is being driven by a combination of a shortage of skilled tradespeople and pressure from the cost-of-living crisis. File picture: Denis Minihane

Construction inflation is still rising but the rate of increase has eased significantly, according to Irish chartered surveyors.

The Society of Chartered Surveyors Ireland said its latest Tender Price Index (TPI) shows the rate of commercial construction inflation increased nationally by 1.5% in the second half of 2023, down from 2.4% in the first half of last year.