Unfortunately, it seems we’re in for much of the same moving forward when it comes to commercial property construction. Material and labour costs aren’t expected to fall lower than where they are now, but are instead expected to continue to increase – though more slowly as we move into the end of 2022.
The sector itself is expected to have an increase in inflation, at 9.5% over the year to June 2022. That’s according to a new report from the consulting firm Macromonitor. The report states inflation will slow but won’t go away.
Prices are expected to keep going up, but it should be a bit slower – and wages and materials such as concrete and asphalt will be the main contributing factors.
Time will tell.