Mr. Wichai Wiratakaphan, Acting Director of Real Estate Information Center The Government Housing Bank revealed that the overall house construction cost in 2022 continued to rise from the first quarter to the third quarter, with the standard house construction price index in the third quarter of 2022 rising to 132.2 points, higher than the same period. Last year’s (YoY) 6.2%, the highest rate of change in 19 quarters, was driven by an increase in oil prices, which account for both production and transportation costs. But there is a tendency for house construction prices to increase at a slower pace. It was found that the QoQ rate of change continued to decline to 0.8% in the third quarter from 3.9% and 1.1% in the first and second quarters.
If we analyze the important elements of the increase in the standard house construction price index in the third quarter of 2022, it is found that construction prices have been adjusted in almost all categories compared to the previous year (YoY). system There was an increase in structural engineering from the previous year by as much as 8.0 percent, while the construction material category saw the biggest increase from the previous year in the sanitary ware category, 13.2%, steel and steel products 11.5%, and wood and wood products 9.5%. Construction costs in the labor category increased by 5.6% from the previous year, but only the price of tiles dropped slightly from the same period last year at 3.2%.
From the analysis of the elements that increase the cost of building a standard house There are still important factors as most construction materials prices continue to rise. But it has a fixed direction or a slight decrease. Compared to the previous quarter (QoQ), however, in the 4th quarter of 2022, there is still a risk of rising oil prices from the war. and rising interest rates that will affect the operating costs of manufacturers and contractors When considering the cost of construction in each category, it was found that
1. Construction design and system work category
Structural Engineering The compensation rate increased by 8.0% YoY (YoY), but decreased -2.4% compared to Q2 2022 (QoQ), accounting for 28.8% of the design and work category. system
Architecture Compensation rates increased by 5.7 percent year-on-year (YoY) and 2.4 percent compared to the second quarter of 2022 (QoQ), accounting for 64.7% of the design and systems sector.
Sanitation system work The compensation rate increased by 1.1% compared to the same period last year (YoY), but decreased by -1.5% compared to the second quarter of 2022 (QoQ), with a proportion of 2.8% in the design and work category. system
Electrical and communication systems The compensation rate increased by 5.0 percent compared to the same period last year (YoY), but decreased by -0.1 percent compared to the second quarter of 2022 (QoQ), which accounted for 3.6 percent of the design and work category. system (see Table 1)
2. Building materials category
Timber and wood products Prices increased by 9.5 percent year-on-year (YoY) and increased 1.3 percent compared to the second quarter of 2022 (QoQ), accounting for 16.3 percent of construction materials.
Concrete products Prices increased by 4.7% YoY (YoY) and 0.3% YoY (QoQ) with a 4.4% share of construction materials category.
Iron and steel products Prices increased by 11.5 percent year-on-year (YoY), but decreased by -12.2% compared to the second quarter of 2022 (QoQ), which accounted for 6.1 percent of construction materials.
Tile prices decreased by -3.2 percent compared to the same period last year (YoY) and the price remained unchanged. Compared to the second quarter of 2022 (QoQ), which accounted for 3.1% of the construction material category.
Sanitary ware prices increased by 13.2 percent compared to the same period last year (YoY) and the prices remained unchanged. Compared to the second quarter of 2022 (QoQ), which accounted for 2.0% of the construction material category.
Electrical and plumbing equipment Prices increased by 4.2% YoY (YoY), but decreased -0.9% YoY (QoQ), which accounted for 3.8% of construction materials.
Other building materials Prices increased by 4.8 percent compared to the same period last year (YoY), but decreased by percentage.
-2.7 Compared to Q2 2022 (QoQ), accounting for 24.6% of construction materials category (see Table 2).
3. Labor category, it was found that labor cost increased by 5.8 percent compared to the same period last year (YoY) and increased by 5.6 percent compared to the second quarter of 2022 (QoQ).