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Construction industry: Construction prices are rising more slowly

In previous years, prices for construction services have risen sharply. This seems to be over for the time being.

Construction prices are no longer rising as quickly as in previous years. For May, the Federal Statistical Office recorded a price increase of 2.7 percent for new residential building construction compared to the same month last year. In the previous quarter, the price increase was 2.8 percent. Both values ​​are well away from the growth rates of the so-called construction inflation in 2022 and 2023, when double-digit price increases were the norm.

However, statisticians are observing differences between the trades in residential construction. For example, shell construction work has hardly become more expensive, with an increase of 0.6 percent, and concrete work is even 1.2 percent cheaper than a year ago, the authority further reports. Roofers are charging 3.2 percent more than in May 2023, and earthworks have become 4.2 percent more expensive. Craftsmen are charging 6.0 percent more for the installation of heating systems. Maintenance work on buildings is 3.7 percent more expensive than a year ago.

Higher price increases are seen across the board in road construction, with an average of 4.4 percent. In this sector, prices have risen even more sharply in previous years than in residential construction.

Destatis Communication Construction Prices 5/2024

Source: Stern

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