08. August 2012 
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UK construction cost down due to continued economic slowdown
Construction costs in the UK have decreased over the past twelve months, with the UK now a cheaper place to build than countries such as Qatar and New Zealand, according to this year’s International Construction Costs Report released today by built asset consultancy EC Harris.
The annual study, which benchmarks building costs in 53 countries across the globe, found the UK had slipped two places from thirteenth in 2011 to fifteenth position in 2012, when each market was ranked according to the cost of construction. Interestingly, when ranked alongside all the other European markets the UK actually jumped a place, rising from eighth position in 2011 to seventh in 2012, as over the past twelve months prices dropped more severely in Italy than in the UK.
Overall, construction costs emerged as a reliable bellwether for global economic trends, with Europe responsible for just five of the top ten most expensive markets in this year’s report, compared with eight entrants in 2011.
The annual study, which benchmarks building costs in 53 countries across the globe, found the UK had slipped two places from thirteenth in 2011 to fifteenth position in 2012, when each market was ranked according to the cost of construction. Interestingly, when ranked alongside all the other European markets the UK actually jumped a place, rising from eighth position in 2011 to seventh in 2012, as over the past twelve months prices dropped more severely in Italy than in the UK.
| Highest construction costs globally / ... in Europe | |||||||
| 2012 | 2011 | /... | 2012 | 2011 | |||
| 1 | Switzerland | Switzerland | Switzerland | Switzerland | |||
| 2 | Denmark | Denmark | Denmark | Denmark | |||
| 3 | Australia | Sweden | Sweden | Sweden | |||
| 4 | Japan | Japan | France | France | |||
| 5 | Sweden | Australia | Germany | Germany | |||
| 6 | Hong Kong | France | Austria | Austria | |||
| 7 | Singapore | Germany | Belgium | Belgium | |||
| 8 | Canada | Austria | UK | Italy | |||
| 9 | France | Belgium | Italy | UK | |||
| 10 | Germany | Canada | The Netherlands | The Netherlands | |||
| 13 | / | UK | |||||
| 15 | UK | / | |||||
Overall, construction costs emerged as a reliable bellwether for global economic trends, with Europe responsible for just five of the top ten most expensive markets in this year’s report, compared with eight entrants in 2011.
