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Building Material Costs & Trends July 2022

Building Material Costs & Trends July 2022

The rapid increase in building and material costs over the past year has left many trade pros unable to price jobs accurately and walking away from potential work.

The good news is some material prices are stabilising (or falling in some cases), showing signs of relief for construction and trade businesses.

Building material inflation is forecast to peak this summer by the ESRI after rising by over 18% in the year to April, the second highest increase since June 2000.

It may be true that this peak is now happening, with the decline of some raw material prices, including copper, timber, and steel. There is also a slight softening in demand of late which may well help this case.

Here is a summary of June - July prices calculated based on per m2 or m3 and the average provided. 

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Cost of Insulation 


Insulation material costs appear to be stabilising. Some fluidity is expected in the short term, driven by raw material prices, production costs, and the consequence of increased energy and transportation costs.

The average price of insulation per m2 = €18.


Cost of Board Materials


The price rise in early 2022 picked up and started to slow in July 2022. Expect prices to remain strong in the short term, but there is always the risk of price increases due to supply shortages and rising production and transportation costs. 

MDF will be particularly affected by the Ukrainian War because of components from the area. A recent shortage is likely to increase demand with the inevitable price increase.

The average price of board per m2 = €16/17.


Cost of Block 


A slight increase in early 2022, but prices appear to have stabilised in the second quarter of this year. There is cautious optimism that prices may remain steady in the second half of 2022, but rising energy costs may prevent that from happening. 

The average price of block per m2 = €20


Cost of Timber


Timber prices will continue to fall after several price increases in late 2021. Softwood lumber fell the most, down 24.8% for the month.

There is some optimism that timber prices will remain stable through the rest of 2022, but there is still the possibility of price increases due to energy and transportation costs. 

The average price of timber per m3 = €775


Cost of Plasterboard


Prices have remained steady in 2021 and 2022. However, due to rising fuel and energy costs, raw material shortages, production, and transportation - price increases are expected.

The average price of plasterboard per m2 = €5.50


Cost of Cement  


Cement costs increased in May but declined through June and July 2022. Rising energy and transportation costs are expected to drive prices up through the rest of 2022. 

The average price of cement per 25kg = €7

 

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

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