Building Material Costs & Trends 2024

Stay informed on building material costs and trends for 2024. Get the latest pricing data, insights, and tips for managing costs in your construction projects.

While the building materials market has experienced some stabilisation since the dramatic price increases of 2022, several factors continue to impact costs and availability. In this update, we'll examine the latest trends and provide insights into the current pricing of key materials.

Key Trends and Challenges

Inflationary Pressures: Although inflation rates have moderated, they remain elevated compared to historical norms. This ongoing pressure can impact production costs, transportation, and overall market dynamics.

Supply Chain Issues: Persistent disruptions in global supply chains, including those related to raw materials, manufacturing, and transportation, can contribute to price fluctuations and shortages.

Interest Rate Increases: Rising interest rates can affect both home construction and renovation projects, as higher borrowing costs may deter potential buyers and limit spending on improvements.

Labour Shortages: A shortage of skilled labour in the construction industry can lead to increased labour costs and project delays, further impacting the overall market.

Material Price Update

Timber

Trend: Prices have trended downward since 2022, with slight fluctuations due to global factors.
Average Price: €575 per m³

Insulation

Trend: Costs have seen a slight increase but remain lower than earlier in 2023.
Average Price: €18 per m²

Board Materials

Trend: Prices have decreased slightly since their peak.
Average Price: €12.50 per m²

Block

Trend: Prices have remained relatively stable.
Average Price: €20.5 per m²

Plasterboard

Trend: Prices have seen a slight increase due to rising energy costs.
Average Price: €6 per m²

Cement

Trend: Prices have remained stable but may increase due to rising energy costs.
Average Price: €8.75 per 25kg

Cost-Saving Strategies for Tradespeople

Efficient Resource Management: Optimise material usage and minimise waste to reduce costs.

Negotiate with Suppliers: Explore opportunities to negotiate better pricing and terms with suppliers.

Utilise Technology: Adopt tools and technologies that can improve efficiency and reduce costs.

Stay Informed: Keep up-to-date on market trends and industry news to make informed decisions.

Reduce the Cost of Business

When you’re a self-employed tradesperson, the everyday expenses of running a small business can really add up and impact your cash flow.

Onlinetradesmen offers more than just access to jobs. With the Everything App, you get access to a complete platform to manage your business as well as exclusive discounts on business expenses like fuel & insurance.

For a quick chat about how we can help you save money and other business benefits, schedule a call with our team here.

Source: Wholesale Price Index (Excl VAT) for Building and Construction Materials/ My Building Supplies Ireland