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Date Published: Aug. 6, 2024.
Insights: The first half of the year saw a continuous rise in core inflation and commodity price fluctuations due to various geopolitical shocks, with global growth expected to reach an estimated 3.2 compared to 3.3 in the previous year.
The regional survey on construction cost escalations showed that interest rates have become one of the top three influential factors third most impactful, superseding wage costs, as a result of the exted period of high-interest rates exerting pressure on the Asian construction industry.
In this report, construction material costs across most cities in our region remned relatively stable during Q1 2024 compared to the last quarter. Meanwhile, labor cost hikes were reported in four out of these cities. It is anticipated that ter prices will continue to escalate throughout 2024 with varied year-over-year YoY movements relative to 2023 figures.
Please refer to Silas Loh's insights for more detled information:
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Key highlights from this report include:
A comparative study of construction costs across cities in the region
Analysis of material and labor cost trs during Q1 and expectations for Q2-Q4 2024
Examination of interest rates as a primary influencing factor affecting construction projects
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Construction Cost Escalations in Asia 2024 Interest Rates Impact on Asian Construction Asian Market Growth Estimations 2024 Geopolitical Shocks Affecting Inflation Material and Labor Costs Comparison Asia Regional Construction Trends Analysis