Building costs in SA have soared

Change Management

Building costs in SA have soared
Building costs in SA have soared

The Bureau for Economic Research (BER) has reported that the building costs are increasing at an alarming rate. BER found that in the fourth quarter of 2011 the Building Cost Index increased by 14.1% compared to the 6.4% recorded for the second quarter of 2011. Reinforcing steel recorded a price increase of 38.9%, ceiling material increased by 10.8%; hinges by 9% and bricks by 8.6%. The result is that it will cost more to build the same size of a house today than it did a year ago. In addition the increased price of building materials, the building industry has been hit by increases in transportation costs and the price of labour. For 2012 the BER forecast for building costs is at about 12.1% and 16.3% in 2013. The construction sector, in which the housing property market is key, has shown marginal improvement of about 2.6%. The budget for 2012/13 increased from R22 billion to R25.2 billion. while housing demand has increased substantially more than over the last year…

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