The Construction industry is showing no signs of slowing down in the first half of 2017. Architects and Engineers are noticing an increase in the construction costs over the same period last year.
Chartered Surveyors have noticed an increase in construction tender prices of 2.6% in the first half of 2017 and are predicting a further average rise throughout the country of 3.6% for the next six months, marking an overall increase of 6.2% for the year 2017. This follows an increase of 6.3% in 2016. If this increase continues until the end of 2017 it will bring prices back to where they were in 2004.
Architects and Engineers say that the increased level of construction activity is driving the labour costs upwards due to a shortage of resources across a number of trades for both main and sub – contractors. Looking forward, increased pressure for wage increases will drive construction costs higher. The expected continuing surge in construction in all sectors, particularly residential, can only exacerbate this upward trend.
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