International Cost Standard

8/10/2019 International Cost Standard

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making the difference

International

construction

cost survey

2012


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making the difference 1

Introduction 2

Country profiles

Australia 8

Canada 10

China 12

Germany 14

India 16

Ireland 18

Japan 20

Malaysia 22

Russia 24

Singapore 26

South Africa 28

South Korea 30

UAE 32

UK 34

US 36

Vietnam 38

Contributors 40

In this survey, trade, labour and material prices and prices per square metre are indicative, and should

not be relied on. Costs are dependent on building design, inclusions, exclusions and site conditions. Cost

comparisons between countries are subject to different interpretations, building methods, and standards

for costing, measurement and construction. Costs may vary substantially between countries within regions.

Professional advice should always be sought.

Comparative values are based on average exchange rates for the calendar year 2011.

Turner & Townsend plc 2012

Contents


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International construction cost survey 2012

2 Turner & Townsend

All the cost data presented here has come

from our own professionals working in the

commercial construction sector across the

globe at the end of 2011. Our thanks go

to them for their invaluable input.

We welcome your feedback on ways we

can improve it in future. If you have any

comments on this survey or would like

any further information, please contact:

[email protected]

For further information on our services,

please visit www.turnerandtownsend.com

or contact your nearest office.

Whats happened since the last survey?

2011 was a tough year for construction

businesses in many countries. 2012 lookslike being a similar story but there are some

reasons to be optimistic.

At the beginning of 2012 most economies are still

feeling the fallout from the global financial crisis

(GFC) and recovery is still some years away.

But the US economy is showing signs of working

through its problems of spiralling budget deficits

and housing oversupply, even though there

is still much to be done. US unemployment is

showing signs of easing and was at 8.5 percent

in December 2011.

Introduction

Welcome to the 2012 edition of our International construction

cost survey. In this survey you can find and compare

construction, materials and labour costs and market

conditions across many of the countries in which we operate.

London Bridge Quarter, the Shard

The focal point for a major commercial development in the heart

of London, the Shard will be the tallest building in western Europe.

Construction costs in most

regions are expected to stay

moderate during 2012.

Barring natural disasters and

other surprises, 2012 offers

a window of opportunity to

build your project on time

and perhaps under budget.


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In Europe the problems that started in Ireland

and Greece have spread to Portugal, Italy and

Spain. Falling asset values, high unemployment

and crippling government debt in several of

the Euro member countries are likely to result

in economic weakness in 2012.

In the US and Europe, governments are

running out of policy levers, be they monetary

stimulus or austerity measures such as higher

taxes and pay cuts. Politically difficult as

austerity measures are, they also prolong and

exacerbate the downturn, as demand and

consumption falls. This sets the retail, property

and construction sectors on a downwards spiral.

Those countries which introduced stimulus

measures to boost their economies and

construction sectors have mostly spent their

stimulus budgets and there are few remaining

policy levers or alternative stimuli to help their

economies achieve self-sustaining growth.

But with time businesses restructure, reduce

their cost base, recapitalise and prepare for

the future. The US seems to be at this stage

of recovery in many sectors including the

construction sector. The US went into the

GFC first and so logically it will emerge first.

In 2012 the US construction data should start

to improve.

The effects of the continuing difficulties

in the developed economies are being felt

everywhere, even in the growth economies

of Asia, South America and Africa, through

reduced international trade, tightening credit

markets, falling share markets, lower retirement

fund balances and lower house prices. Public

infrastructure budgets have been cut, public

works projects delayed and consumers are

saving more, paying off debt, consuming less,

and exercising caution. These are all good

virtues after years of credit-fuelled growth,

but demand is lower, and the construction

sector struggles to find projects.

However, worldwide there are many reasons to

be optimistic. The Chinese, Indian, Vietnamese

and African economies are on long-term

growth paths that will improve living standards,

creating jobs and opportunities for their

people and the economies which supply them.

There is still a long way to go so the demand

for resources and skills will grow.

The demand for energy and resources is driving

the growth of many new projects in natural

resources, gas, coal shale and renewable

energies in countries as diverse as Australia,

Kazakhstan, Mauritania, Brazil and the US,

creating jobs, driving construction and wealth.

South Africa is transforming its power sector

with major investments in power stations.

Australia has introduced a carbon tax that

will eventually force the replacement of coal

power stations with cleaner alternatives.

Communications networks are being built, or

upgraded as high-speed internet becomes global.

Siemens City, Vienna

World-class, energy-efficient construction, delivered to meticulously

engineered costs, certified to US Green Building Gold standard.


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4 Turner & Townsend

Worldwide, these projects add up to a

substantial portfolio of long-term construction

work. It is a good time to build. Construction

costs are generally benign as shown by our

surveys. In most regions the markets are not

overheated like they were in the last decade.

That means projects are more likely to be

built on time and budget. Contractors have

retained their most skilled labour and many of

the casuals employed when work is plentiful

have left to pursue other opportunities.

In many countries the construction sector

is now very competitive and tendered prices

often come in below budget. The surveys

show that construction costs in half of the

countries surveyed are still below 2008

levels. Most of our respondents indicated

that labour rates were well under control.

Materials prices are also competitive. Commodity

prices increased alarmingly in early 2011 but

have now fallen. Steel prices fell in late 2011.

Lower coking coal and iron ore prices indicate

that steel could be cheaper in 2012. Copperprices have also fallen by 20 percent since March

2011 which should mean cheaper costs for some

electrical and plumbing materials in 2012.

All of this bodes well for construction costs in

2012 with forecast cost increases in line with

2011. In other words, construction costs in

most regions are expected to stay moderate

during 2012. Barring natural disasters and

other surprises, 2012 offers a window of

opportunity to build your project on time

and perhaps under budget.

Part of the reason why construction markets

are so competitive is that housing and

non-residential building construction is hardly

increasing in most developed economies,

because there is little, if any, price growth.

Eventually, this cyclical downturn will end as the

fundamentals of supply and demand reassert.

Housing markets will recover, consumers will

start to borrow and spend again. The cycle

will turn, and when it does costs will increase

again as building, resources and infrastructure

projects compete for resources and skills.

Alstom Hydro, China

Multiform energy-saving technologies are helping to make this

146,000 m2hydropower manufacturing facility fully carbon neutral.

King Edward VII Memorial Hospital, Bermuda

The first P3 (PPP) project in Bermuda is being delivered using

local contractors for stakeholders in the US, Europe and Bermuda.


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Cost index high-rise apartments

Cost Index2008=100 2008 2009 2010 2011

Australia 100 96 94 96

Canada 100 95 94 100

China 100 78 80 81

Germany 100 101 101 104

India 100 100 117 150

Ireland 100 92 85 83

Malaysia 100 98 111 130

Russia 100 105 98 100

Singapore 100 74 79 79

South Africa 100 107 107 107

South Korea 100 99 99 99

UAE 100 94 89 72

UK 100 98 98 101

US 100 99 97 101

Vietnam 100 117 125 141

Cost index CBD offices

Cost Index2008=100 2008 2009 2010 2011

Australia 100 96 96 97

Canada 100 96 95 98

China 100 82 84 89

Germany 100 101 101 104

India 100 105 112 140

Ireland 100 78 72 71

Malaysia 100 97 101 117

Russia 100 105 99 100

Singapore 100 83 83 83

South Africa 100 121 121 121

South Korea 100 99 99 99

UAE 100 96 92 83

UK 100 91 91 94

US 100 97 94 97

Vietnam 100 117 125 141

The above two charts show construction costs indexed to 2008=100 for each region in the survey

(except Japan). The indices are based on nominal costs in $/m2in the currency of the country.

The indices show the increase or fall from year to year. The data indicates that in most regions

construction costs have recovered to 2008 levels although China, Ireland, Singapore and the UAE

are still substantially below. Between 2010 and 2011 India, Vietnam and Malaysia saw costs increase

strongly. Conversely, the UAE has experienced quite strong price falls between 2010 and 2011.

Moderate cost escalation is expected once again in 2012 following only moderate cost increases

in most regions during 2011. The exceptions are India and South Africa where higher escalation

is forecast by our teams on the ground. In Japan prices are forecast to fall slightly.

0.0% 2.0% 4.0% 6.0% 8.0% 10.0%

Estimated cost escalation 2012

Canada

Australia

ChinaGermany

India

Ireland

Japan

Malaysia

Russia

Singapore

South Africa

South Korea

UAE

UK

US

Vietnam


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6 Turner & Townsend

Key economic indicators

Ination

2011

GDP

2011

GDP forecast

2012

Unemployment

rate

Australia 2.6 2.1 3.3 5.2

Canada 2.5 2.1 1.9 7.6

China 4.0 9.5 9.0 4.0

Germany 2.5 2.7 1.3 6.0

India 10.6 7.8 7.5 9.5

Ireland 2.2 0.4 1.5 14.3

Japan 0.4 0.5 2.3 4.9

Malaysia 3.3 5.2 5.1 3.2

Russia 7.5 4.3 4.1 7.3

Singapore 5.5 5.3 4.3 2.3

South Africa 6.0 3.4 3.6 24.5

South Korea 4.3 3.9 4.4 3.3

UAE 2.5 3.3 3.8 4.3

UK 4.5 1.1 1.6 7.8

US 3.9 1.5 1.8 9.1

Vietnam 22.0 5.8 6.3 5.0

Cold Lukewarm Warm Hot Overheating

Ireland Australia Germany

South Korea Canada India

UK China South Africa

Japan

Malaysia

Russia

Singapore

UAE

US

Vietnam

Cooler Staying the same Warmer

Canada Australia Germany

China Ireland India

Vietnam Japan Russia

Malaysia

Singapore

South Africa

South Korea

UAE

UK

US

The information from which this

survey is compiled has been provided

by Turner & Townsend professionals

based in 16 countries and regions.

Our respondents have also provided

their views on current and anticipated

market conditions.

How would you describe current market

tendering conditions?

Is the construction market getting warmer,cooler or staying the same?


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Typical preliminaries as a percentage of total costs

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

Canada

Australia

China

Germany

India

Ireland

Japan

Malaysia

Russia

SingaporeSouth Africa

South Korea

UAE

UK

US

Vietnam

Contractors margin has been squeezed in those countries where work volumes have fallen and

contractors have to compete more vigorously. With fewer jobs contractors will often submit

very competitive prices just to keep work flowing. Often sub-contractor prices may be equally

competitive allowing head contractors to claw back some lost margin during the job.

Preliminaries include job set-up costs, such as scaffolding, approvals, insurances, power and

water, cleaning and handover, and work supervision. Typically, higher cost countries have higher

preliminaries. In many countries costs of power and water are increasing. Also regulatory

compliance adds further preliminary costs.

Typical contractors margin on medium commercial job (5000m2GFA)

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

Canada

Australia

China

Germany

India

Ireland

Japan

Malaysia

Russia

Singapore

South Africa

South Korea

UAE

UK

US

Vietnam


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8 Turner & Townsend

Australia

The Australian construction market is lukewarm at best with weak consumer confidence and

falling house prices deterring residential construction in most states. Commercial construction

is also weak with some oversupply from the previous boom. Tendering is competitive for thelimited number of new private construction projects coming to the market. However, construction

of an unprecedented pipeline of resources and energy projects is ramping up. Gradually, this is

expected to increase construction costs as shortages of trade skills, engineering and management

worsen. Further adding to costs, a carbon tax was recently legislated and a mining profits tax

is currently in the final stages of debate prior to passing into legislation.

Country profiles

Australia international building costs per m2of internal area

2008 2009 2010 2011 2011

AUD AUD AUD AUD USD

Residential

Detached house medium standard 1,518 1,445 1,445 1,474 1,517

Detached house prestige 2,250 2,150 2,100 2,142 2,205

Townhouse medium standard 1,715 1,640 1,650 1,683 1,732

Apartments private medium density 2,050 1,950 1,900 1,938 1,995

Apartments high rise 2,500 2,400 2,350 2,397 2,467

Aged care/affordable unit 2,400 2,300 2,260 2,305 2,373

Commercial

Offices business park 1,895 1,820 1,820 1,838 1,892

CBD offices up to 20 floors medium 3,000 2,880 2,880 2,909 2,994

CBD offices prestige 3,360 3,200 3,200 3,232 3,327

Warehouses

Warehouse/factory unit basic 830 750 760 768 790

Large warehouse distribution centre 640 590 600 606 624

High-tech factory/laboratory 1,540 1,500 1,500 1,515 1,559

Retail

Large shopping centre including mall 2,200 2,150 2,150 2,172 2,235

Neighbourhood including supermarket 1,810 1,750 1,750 1,768 1,819

Prestige car showroom 4,400 4,200 4,200 4,242 4,366

Hotels

Three-star travellers 2,840 2,800 3,247 3,279 3,376

Five-star luxury 3,850 3,750 3,750 3,788 3,899

Resort style 4,185 4,000 4,000 4,040 4,158

Hospitals

Day centre 2,900 2,900 2,900 2,929 3,015

Regional hospital 3,300 3,270 3,270 3,303 3,400

General hospital 5,500 5,300 5,134 5,185 5,337

Schools

Primary and secondary 1,985 1,900 1,900 1,919 1,975

University 3,130 3,050 3,050 3,081 3,171

Carparks

Multistorey above ground 850 832 800 808 832

Multistorey below ground 1,250 1,235 1,173 1,185 1,219

Airports

Airport terminal 8,000 7,000 6,500 6,565 6,757


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Australia major projects

AUD

Chevron Gorgon 43bn

Chevron Wheatstone 30bn

APLNG Gladstone 16bn

BHP Olympic Dam 30bnSantos GLNG 16bn

Australia hourly cost of labour (including overheads)

2010 2011 2011

AUD AUD USD

Group 1 tradesman eg plumber, electrician 65 68 70

Group 2 tradesman eg carpenter, bricklayer 55 57 59Group 3 tradesman eg carpet layer, tiler, plasterer 53 55 57

General labourer 37 38 40

Site foreman 69 72 75

Australia costs of materials

Concrete 30 mpa (m3) (1,500m3job) 186 186 191

Reinforcement bar 16mm (tonne) (120 tonne job) 1,300 1,250 1,286

Concrete block (400 x 200) per 1,000 (>10,000 block job) 3,360 3,360 3,459

Standard brick per 1,000 541 541 557

Structural steel beams (tonne) (>100 tonne job) 2,955 2,955 3,042

Glass pane 6mm (m2) 47 47 48Softwood timber for framing 100mm x 50mm (m) 29 29 30

Plasterboard 13mm (m2) 39 39 40

Emulsion paint (litre) 15 15 15

Copper pipe 15mm (m) (>1,000m job) 12 12 12

Copper cable (m) (3C + E, 2.5mm PVC) (>100,000m job) 5 5 5

Australia key trades (excluding preliminaries and builders margins)

Excavate basement (m3) (1,800m3job) 29 29 30

Excavate footings (m) 71 71 73

Concrete in slab (m3) (1,500m3job) 256 256 264

Reinforcement in beams (tonne) 2,442 2,442 2,514Formwork to soffit of slab (m2) 120 120 124

Blockwork in wall (m2) (10,000 block job) 131 131 135

Structural steel beams (tonne) 6,298 6,298 6,483

Pre-cast concrete wall (m2) 299 299 308

Curtain wall glazing incl support system (m2) (1,000m2job) 1,051 1,051 1,082

Plasterboard 13mm thick to stud wall (m2) (3,000m2job) 30 30 31

Single solid core door incl frame and hardware (no) (50 door job) 765 765 787

Painting to walls primer + 2 coats (m2) 15 15 15

Ceramic tiling (m2) (1,000m2job) 109 109 112

Vinyl flooring to wet areas (m2) (500m2job) 71 71 73

Carpet medium tufted (m2) (4,500m2job) 80 80 82

Lighting installation (m2

) (>5,000m2

job) 81 81 83Copper pipe 15mm to wall (m) (>1,000m job) 60 60 62

Fire sprinklers (per m2) (5,000m2job) 46 46 47

Air conditioning incl main plant (m2) (>5,000m2job) 300 300 309


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10 Turner & Townsend

Canada

At present the construction market in Canada is moderate to slow. Public investment in

infrastructure and rail projects is the dominant construction type, whereas private sector

development is quite weak. The housing construction market is slowing. Tendering is

competitive and wage increases have remained moderate on a weaker outlook and concerns

over Europe. Gradually, the economy will be boosted by strong mining investment helping to

stimulate ancillary businesses and the resumption of stronger building construction levels.

Canada international building costs per m2of internal area

2008 2009 2010 2011 2011

CAD CAD CAD CAD USD

Residential






Aged care/affordable units 2,057 1,959 1,940 2,000 2,026

Commercial




Warehouses

Warehouse/factory unit basic 912 869 860 900 912

Large warehouse distribution centre 1,007 960 950 1,000 1,013


Retail




Hotels


Five-star luxury 2,862 2,727 2,700 2,800 2,836

Resort style 2,862 2,727 2,700 2,800 2,836

Hospitals

Day centre 3,710 3,535 3,500 3,700 3,748

Regional hospital 5,724 5,454 5,400 5,700 5,774General hospital 6,890 6,565 6,500 6,800 6,888

Schools


University 3,498 3,333 3,300 3,500 3,546

Carparks



Airports



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Canada major projects

CAD

Halton Region Hospital 1bn

Humber River Regional Hospital 1bn

Air Rail Link 310m

Union Station Revitalisation 640mToronto-York Spadina Subway Extension 2.6bn

Canada hourly cost of labour (including overheads)

2010 2011 2011

CAD CAD USD





Canada costs of materials



Concrete block (400 x 200) per 1,000 (>10,000 block job) 700 725 734








Canada key trades (excluding preliminaries and builders margins)








Curtain wall glazing incl support system (m2) (1,000m2job) 900 925 937


Single solid core door incl frame and hardware (no) (50 door job) 1,500 1,600 1,621






) (>5,000m2





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China

Construction demand in China fell by as much as ten percent over the last six months because of

government measures introduced late last year to moderate growth to more sustainable levels, curb

the sharp spike in property prices and reduce inflationary pressures. These included restrictions on

pre-sales, restrictions on loans for purchases of third homes, higher minimum mortgage rates and

tighter financing for second-home purchases. Property transactions in the key cities of Beijing,

Shanghai and Shenzen have fallen strongly in response. Weaker demand for Chinese exports

threatens to slow manufacturing growth in 2012, however the Chinese Government has strong

reserves and policies to stimulate the economy if the global economy does deteriorate further.

China international building costs per m2of internal area

2008 2009 2010 2011 2011

CNY CNY CNY CNY USD

Residential

Detached house medium standard 5,800 4,400 4,480 4,540 699

Detached house prestige 6,500 5,100 5,170 5,240 806

Townhouse medium standard 4,800 4,000 4,050 4,110 632

Apartments private medium density 4,500 3,200 3,290 3,330 512

Apartments high rise 5,000 3,900 3,980 4,030 620

Aged care/affordable units 3,700 2,600 2,670 2,710 417

Commercial

Offices business park 5,500 4,400 4,500 4,690 722



Warehouses

Warehouse/factory unit basic 3,000 2,300 2,360 2,580 397

Large warehouse distribution centre 3,300 2,700 2,780 3,050 469

High-tech factory/laboratory 6,100 5,300 5,450 5,870 903

Retail

Large shopping centre including mall 7,500 5,900 6,080 6,180 951

Neighbourhood including supermarket 5,100 4,000 4,120 4,220 649

Prestige car showroom 3,900 3,400 3,500 3,650 562

Hotels

Three-star travellers 6,800 5,500 5,660 5,780 889

Five-star luxury 11,300 10,000 10,300 10,540 1,622

Resort style 9,100 8,300 8,550 8,750 1,346

Hospitals

Day centre 4,500 4,200 4,320 4,410 679

Regional hospital 5,500 5,100 5,250 5,350 823

General hospital 6,100 5,700 5,870 5,980 920

Schools

Primary and secondary 3,800 3,500 3,610 3,640 560

University 5,700 5,200 5,350 5,390 829

Carparks

Multistorey above ground 2,200 2,000 2,080 2,140 329

Multistorey below ground 5,300 4,500 4,640 4,780 736

Airports



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China major projects

CNY

National Trunk Road Network 900bn

SouthNorth Water Transfer 500bn

Silk Road Renaissance 330bn

Tianjin Binhai New Area 1tnChinas Renewable Energy Development Plan 2tn

China hourly cost of labour (including overheads)

2010 2011 2011

CNY CNY USD





China costs of materials


Reinforcement bar 16mm (tonne) (120 tonne job) 3,400 4,500 692









China key trades (excluding preliminaries and builders margins)








Curtain wall glazing incl support system (m2) (1,000m2job) 1,600 1,600 246


Single solid core door incl frame and hardware (no) (50 door job) 2,200 2,670 411






) (>5,000m2





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Germany

Construction orders grew at a moderate two percent year-on-year according to The German

Construction Industry Federation. However, housing grew at a more robust 6.6 percent higher

than 2010, based on positive income expectations and low interest rates. Maintenance and

expansion projects have also injected some further positivity into the construction market with

an increase in turnover of seven percent year-on-year. However, this year has seen demand

for public construction decline with a decrease in orders of two percent. Despite the continuing

European sovereign debt woes and the weakness in neighbouring trading partners, the German

economy has shown considerable resilience. Construction levels in 2012 should remain positive,

tendering competitive and escalation moderate.

Germany international building costs per m2of internal area

2008 2009 2010 2011 2011

EUR EUR EUR EUR USD

Residential

Detached house medium standard 820 830 833 857 1,192





Aged care/affordable units 780 778 790 804 1,119

Commercial




Warehouses

Warehouse/factory unit basic 860 861 872 900 1,252

Large warehouse distribution centre 1,073 1,074 1,088 1,123 1,563


Retail

Large shopping centre including mall 895 900 903 929 1,292

Neighbourhood including supermarket 895 900 903 929 1,292

Prestige car showroom 870 880 883 908 1,263

Hotels


Five-star luxury 2,652 2,662 2,666 2,742 3,814

Resort style 1,718 1,728 1,732 1,782 2,478

Hospitals

Day centre 1,350 1,365 1,370 1,409 1,960



Schools


University 1,370 1,385 1,390 1,430 1,988

Carparks


Multistorey below ground 597 599 607 624 868

Airports



16/42


Germany major projects

USD

Trans Europa Naturgas Pipeline (TENP) Upgrade 120m

Frankfurt Chlor-Alkali Plant Expansion 140m

Stuttgart 21 5.2bn

Germany hourly cost of labour (including overheads)

2010 2011 2011

EUR EUR USD





Germany costs of materials


Reinforcement bar 16mm (tonne) (120 tonne job) 760 786 1,094









Germany key trades (excluding preliminaries and builders margins)










Single solid core door incl frame and hardware (no) (50 door job) 820 843 1,173






) (>5,000m2





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India

Construction growth is expected to accelerate during 2012. The government is focusing on

infrastructure creation and this is having an impact on the industrial and infrastructure construction

segments. This sector is forecast to grow by 21.5 percent in 2012. The high-rise construction

sector is also strong with numerous mixed-use, high-rise buildings under construction and strong

escalation experienced. The expanded presence of overseas contractors in this segment has

increased costs by as much as 30 percent for high-rise construction in the past 1218 months.

During 2012 construction costs are expected to grow by up to seven percent, one of the highest

escalation rates globally.

India international building costs per m2of internal area

2008 2009 2010 2011 2011

INR INR INR INR USD

Residential







Commercial


CBD offices up to 20 floors medium 25,000 26,250 28,000 35,000 764

CBD offices prestige 30,000 32,500 35,000 38,000 829

Warehouses




Retail

Large shopping centre including mall 24,300 27,000 35,000 38,000 829


Prestige car showroom 13,500 15,000 16,000 17,500 382

Hotels

Three-star travellers 32,130 35,700 35,000 38,000 829

Five-star luxury 75,735 84,150 70,000 75,000 1,637

Resort style 29,835 33,150 38,000 48,000 1,048

Hospitals

Day centre 16,200 18,000 20,000 21,000 458



Schools


University 22,500 25,000 35,000 38,000 829

Carparks



Airports



18/42


India major projects

USD

Delhi Mumbai Industrial Corridor (DMIC) 100bn

Information Technology Investment Region (ITIR Bangalore) 50bn

Jawaharlal Nehru National Solar Mission (JNNSM) 75bn

National Highways Development Programme 75bnLavasa Hill City 31bn

India hourly cost of labour (including overheads)

2010 2011 2011

INR INR USD

Group 1 tradesman eg plumber, electrician 45 56 1.2

Group 2 tradesman eg carpenter, bricklayer 45 50 1.1Group 3 tradesman eg carpet layer, tiler, plasterer 40 38 0.8

General labourer 18 20 0.4

Site foreman 80 80 1.7

India costs of materials

Concrete 30 mpa (m3) (1,500m3job) 3,500 5,000 109


Concrete block (400 x 200) per 1,000 (>10,000 block job) 20,000 35,000 764

Standard brick per 1,000 7,000 6,250 136





Copper pipe 15mm (m) (>1,000m job) 1,400 1,300 28

Copper cable (m) (3C + E, 2.5mm PVC) (>100,000m job) 2,200 2,450 53

India key trades (excluding preliminaries and builders margins)



Concrete in slab (m3) (1,500m3job) 5,500 6,500 142


Blockwork in wall (m2) (10,000 block job) 1,000 1,075 23


Pre-cast concrete wall (m2) 6,000 8,250 180


Plasterboard 13mm thick to stud wall (m2) (3,000m2job) 3,500 2,250 49



Ceramic tiling (m2) (1,000m2job) 2,800 2,800 61

Vinyl flooring to wet areas (m2) (500m2job) 1,800 2,100 46

Carpet medium tufted (m2) (4,500m2job) 1,500 2,350 51


) (>5,000m2

job) 2,800 2,900 63Copper pipe 15mm to wall (m) (>1,000m job) 1,500 1,775 39

Fire sprinklers (per m2) (5,000m2job) 1,200 825 18

Air conditioning incl main plant (m2) (>5,000m2job) 5,000 3,625 79


19/42



Ireland

Tender prices stabilised for the first time in four years by mid 2011. However, severe shortages of work

in all sectors will cause tender prices to remain very competitive in 2012. A recent survey highlighted

the dangerous situation where nearly half of all tenders are below realistic levels. Construction labour

rates have not increased during 2011. Some material prices have risen slightly due to smaller levels

of production volumes and less economies of scale. The pharmaceutical and hi-tech sectors continue

to attract high levels of construction investment encouraged by the activities of the Irish Development

Authority and the attractive corporate tax environment. Public sector investment is being concentrated

in previously neglected education and health sectors. Further cuts in public-funded capital

expenditure are likely to satisfy the requirements of the IMF/ECB/ESFS bail-out conditions.

Ireland international building costs per m2of internal area

2008 2009 2010 2011 2011

EUR EUR EUR EUR USD

Residential







Commercial




WarehousesWarehouse/factory unit basic 650 550 500 500 695

Large warehouse distribution centre 1,100 975 900 875 1,217


Retail




Hotels


Five-star luxury 3,300 3,000 2,775 2,750 3,825

Resort style 2,450 2,200 2,025 2,000 2,782

Hospitals

Day centre 3,000 2,400 2,200 2,150 2,990



Schools


University 2,500 2,200 2,035 1,975 2,747

Carparks


Multistorey below ground 960 960 875 875 1,217

Airports



20/42


Ireland major projects

EUR

INTEL 200m+

Rapid Schools Bundle 2 (Lots 14 Primary/Post Primary Schools) 100m+

National Paediatric Hospital at Mater Hospital 400m+

Pfizer 100200mGoogle Data Centre 50100m

Ireland hourly cost of labour (including overheads)

2010 2011 2011

EUR EUR USD





Ireland costs of materials


Reinforcement bar 16mm (tonne) (120 tonne job) 650 700 974



Structural steel beams (tonne) (>100 tonne job) 990 1,020 1,419






Ireland key trades (excluding preliminaries and builders margins)




Reinforcement in beams (tonne) 825 900 1,252Formwork to soffit of slab (m2) 30 28 39












) (>5,000m2





21/42



Japan

After nearly two decades of economic stagnation the construction industry displayed signs

of recovery during late 2010 and 2011. However, the devastating earthquake and tsunami in

March 2011 temporarily halted this improvement. More than 300,000 houses were destroyed

in the disaster along with roads, ports and energy facilities. In April 2011 the government

announced an aid package to assist with the reconstruction. Construction demand is forecast

to grow by 2.6 percent in 2012 to 45.3tn Japanese yen, assisted substantially by the reconstruction

package. The restoration projects are likely to cover infrastructure, residential construction and the

restoration of various production facilities damaged in the disaster.

Japan international building costs per m2of internal area

2011 2011

Yen USD

Residential

Detached house medium standard 201,500 2,506

Detached house prestige 235,800 2,933

Townhouse medium standard 186,700 2,322

Apartments private medium density 189,300 2,355

Apartments high rise 284,000 3,533

Aged care/affordable units 164,800 2,050

Commercial

Offices business park 230,500 2,867

CBD offices up to 20 floors medium 266,500 3,315

CBD offices prestige 303,800 3,779

Warehouses

Warehouse/factory unit basic 154,500 1,922

Large warehouse distribution centre 207,900 2,586

High-tech factory/laboratory 455,000 5,660

Retail

Large shopping centre including mall 304,000 3,781

Neighbourhood including supermarket 368,400 4,582

Prestige car showroom 485,000 6,033

Hotels

Three-star travellers 349,000 4,341

Five-star luxury 523,400 6,510

Resort style 289,500 3,601

Hospitals

Day centre 164,000 2,040

Regional hospital 164,000 2,040

General hospital 247,800 3,082

Schools

Primary and secondary 202,400 2,518

University 186,300 2,317

Carparks

Multistorey above ground 205,300 2,554

Multistorey below ground 444,800 5,533

Airports

Airport terminal 370,000 4,602


22/42


Japan hourly cost of labour (including overheads)

2011 2011

Yen USD

Group 1 tradesman eg plumber, electrician 2,400 30

Group 2 tradesman eg carpenter, bricklayer 2,210 27Group 3 tradesman eg carpet layer, tiler, plasterer 2,140 27

General labourer 1,700 21

Site foreman 2,440 30

Japan costs of materials

Concrete 30 mpa (m3) (1,500m3job) 11,900 148

Reinforcement bar 16mm (tonne) (120 tonne job) 66,000 821

Concrete block (400 x 200) per 1,000 (>10,000 block job) 110,000 1,368

Standard brick per 1,000 97,500 1,213

Structural steel beams (tonne) (>100 tonne job) 80,000 995

Glass pane 6mm (m2) 1,730 22Softwood timber for framing 100mm x 50mm (m) 12,100 151

Plasterboard 13mm (m2) 230 3

Emulsion paint (litre) 270 3

Copper pipe 15mm (m) (>1,000m job) 661 8

Copper cable (m) (3C + E, 2.5mm PVC) (>100,000m job) 181 2

Japan key trades (excluding preliminaries and builders margins)

Excavate basement (m3) (1,800m3job) 450 6

Excavate footings (m) 500 6

Concrete in slab (m3) (1,500m3job) 13,710 171

Reinforcement in beams (tonne) 97,000 1,207Formwork to soffit of slab (m2) 2,680 33

Blockwork in wall (m2) (10,000 block job) 4,410 55

Structural steel beams (tonne) 114,960 1,430

Pre-cast concrete wall (m2) 15,140 188

Curtain wall glazing incl support system (m2) (1,000m2job) 100,000 1,244

Plasterboard 13mm thick to stud wall (m2) (3,000m2job) 3,050 38

Single solid core door incl frame and hardware (no) (50 door job) 73,600 915

Painting to walls primer + 2 coats (m2) 860 11

Ceramic tiling (m2) (1,000m2job) 5,820 72

Vinyl flooring to wet areas (m2) (500m2job) 3,380 42

Carpet medium tufted (m2) (4,500m2job) 4,300 53


) (>5,000m2

job) 4,500 56Copper pipe 15mm to wall (m) (>1,000m job) 2,290 28

Fire sprinklers (per m2) (5,000m2job) 4,000 50

Air conditioning incl main plant (m2) (>5,000m2job) 28,900 359

Japan major projects

Yen

Tokyo Sky Tree 65bn

Japan Post Tower 88bn

Loop Road (Kanjo) No. 2 NA

Redevelopment in Shinjuku 8-Chome NATokyo Waterfront Redevelopment in Aomi R-District NA


23/42



Malaysia

The public sector construction market in Malaysia is expected to moderate with reduced

government spending. However, several mega projects are announced including the Mass Rapid

Transport programme, the Marina Island Pangkor 2nd International Resort and Entertainment

Island, and various energy sector developments. There is increasing demand for space from

SMEs in the industrial sector mainly in the automotive, energy, electrical and logistics sectors.

The new 1Malaysia housing programme, an affordable housing development aimed at the

middle-income group, should boost the residential market. Commercial office and retail

construction should also benefit as a result of this activity.

Malaysia international building costs per m2of internal area

2008 2009 2010 2011 2011

MYR MYR MYR MYR USD

Residential



Townhouse medium standard 974 950 1,000 1,200 393




Commercial


CBD offices up to 20 floors medium 2,575 2,500 2,600 3,000 982


Warehouses




Retail




Hotels


Five-star luxury 6,042 6,000 6,200 6,600 2,160

Resort style 6,300 6,250 6,450 6,900 2,259

Hospitals

Day centre 1,611 1,600 1,700 1,800 589



Schools

Primary and secondary 805 800 850 900 295

University 3,021 3,000 3,200 3,400 1,113

Carparks



Airports



24/42


Malaysia major projects

MYR

Greater KL Mass Rapid Transit 40bn

Warisan Merdeka 100-Storey Tower 5bn

Support for Corridors 853bn

Development of 1,084 hectare

Malaysian Rubber Board Land, Sungai Buloh 10bn

Kuala Lumpur International Financial District (KLIFD) 26bn

Malaysia hourly cost of labour (including overheads)

2010 2011 2011

MYR MYR USD





Malaysia costs of materials











Malaysia key trades (excluding preliminaries and builders margins)







Pre-cast concrete wall (m2)









) (>5,000m2





25/42



Russia

Russia has had a positive year in 2011 with overall GDP rising by 5.1 percent year-on-year by the

third quarter 2011. The main reason for the increase is due to the continuing strong commodity prices

in the oil and gas, and mining sectors. However, the construction market remains quite depressed

relative to the years before the GFC. The main sectors showing renewed growth include industrial and

infrastructure and the commercial retail and logistics sectors. These are predicted to grow significantly

throughout 2012. Construction prices generally remain depressed and provide good value for

money in the market. While some sectors in construction are growing, the overall spare capacity

in the supply chain is projected to keep construction inflation below five percent in 2012.

Russia international building costs per m2of internal area

2008 2009 2010 2011 2011

RUB RUB RUB RUB USD

Residential







Commercial




Warehouses




Retail




Hotels


Five-star luxury 70,538 74,250 77,500 75,000 2,557

Resort style 64,645 69,100 73,000 70,000 2,386

Hospitals

Day centre 37,500 40,000 42,500 51,000 1,739



Schools


University 50,000 54,000 57,000 63,000 2,148

Carparks



Airports



26/42


Russia major projects

USD

Russian Sustainable Tourism in North Caucasus Mountains 30bn

South Stream Gas Pipeline 15.5bn

2014 Winter Olympics Infrastructure 11bn

2018 FIFA World Cup Infrastructure NA

Kaliningrad Nuclear Power Plant 9bn

Russia hourly cost of labour (including overheads)

2010 2011 2011

RUB RUB USD





Russia costs of materials

Concrete 30 mpa (m3) (1,500m3job) 3,000 4,500 153










Russia key trades (excluding preliminaries and builders margins)



Concrete in slab (m3) (1,500m3job) 4,000 5,000 170


Blockwork in wall (m2) (10,000 block job) 1,200 1,300 44


Pre-cast concrete wall (m2) 5,000 6,000 205


Plasterboard 13mm thick to stud wall (m2) (3,000m2job) 2,100 2,300 78



Ceramic tiling (m2) (1,000m2job) 1,650 1,800 61

Vinyl flooring to wet areas (m2) (500m2job) 1,500 1,500 51

Carpet medium tufted (m2) (4,500m2job) 1,850 1,800 61


) (>5,000m2

job) 3,100 3,500 119Copper pipe 15mm to wall (m) (>1,000m job) 800 500 17




27/42



Singapore

The Singapore market has been quite moderate in 2011 and escalation has been minimal for

most building types. Singapores internationally connected economy is experiencing both the

opportunities of trading with East Asia and the general slowdown in the rest of the world. The

economy is growing at below the trend of recent years, recording 4.9 percent growth in 2011.

Housing and apartment construction is quite resilient based on low unemployment rates, confidence

and wage growth, but the office, retail and hotel sectors appear to be easing. Singapores expertise

in shipping and fabrication will benefit from the strong growth in energy and resources projects

in Malaysia and Australia. In 2012 cost escalation of five percent is expected for construction

projects, which is broadly in line with general inflation. Wage increases are moderate, but some

building material prices (steel and concrete) have fluctuated.

Singapore international building costs per m2of internal area

2008 2009 2010 2011 2011

SGD SGD SGD SGD USD

Residential







Commercial




Warehouses




Retail




Hotels


Five-star luxury 4,800 4,000 4,150 4,200 3,337

Resort style 3,200 2,600 3,000 3,000 2,384

Hospitals

Day centre 2,000 1,800 1,750 1,800 1,430



Schools


University 2,500 2,500 2,500 2,700 2,145

Carparks

Multistorey above ground 1,200 900 1,200 1,200 953


Airports

Airport terminal


28/42


Singapore major projects

USD

Mass Rapid Transit Extensions 6.7bn

Marina Bay 2bn

Marina South 500m

Singapore hourly cost of labour (including overheads)

2010 2011 2011

SGD SGD USD





Singapore costs of materials











Singapore key trades (excluding preliminaries and builders margins)
















) (>5,000m2





29/42



South Africa

The deteriorating situation in Europe has had flow-on effects to South Africa, including weakening

confidence, and depressing the Rand exchange rate, which has caused the cost of imported materials

to increase. This together with strong wage increases (coming off a low base) is pushing construction

costs ahead at up to eight percent per annum. Construction growth is moderate with the major

local contractors forced to look abroad for much of their work. Civil construction, including mining

project investments, is still the dominant sector in terms of value of work in progress (accounting

for almost 62 percent of the total construction activity). The housing sectors are in a cyclical low,

but the resources sectors show promising growth which will flow on to the rest of the economy.

South Africa international building costs per m2of internal area

2008 2009 2010 2011 2011

ZAR ZAR ZAR ZAR USD

Residential


Detached house prestige 8,000 9,000 9 000 9,500 1,338





Commercial




Warehouses




Retail




Hotels


Five-star luxury 7,000 10,000 10,500 10,500 1,479

Resort style 6,900 9,700 10,185 10,000 1,408

Hospitals

Day centre 4,500 5,500 5,500 6,000 845



Schools


University 5,000 6,000 6,000 9,000 1,267

Carparks



Airports



30/42


South Africa major projects

ZAR

Medupi Power Station 125bn

Kusile Power Station 141bn

RMI Integrated Titanium and Zirconium Beneficiation Complex 15bn

Xstrata Tweefontein Optimisation Project 8bnXstrata Atcom East 3.8bn

Pascoulama 5bn

South Africa hourly cost of labour (including overheads)

2010 2011 2011

ZAR ZAR USD





South Africa costs of materials










Copper cable (m) (3C + E, 2.5mm PVC) (>100,000m job)

South Africa key trades (excluding preliminaries and builders margins)



Concrete in slab (m3) (1,500m3job) 1,085 917 129













) (>5,000m2

job) 85 12Copper pipe 15mm to wall (m) (>1,000m job) 55 40 6




31/42



South Korea

South Korea is experiencing improvements in the private domestic construction sector as the economy

experiences quite healthy growth and gradual cyclical recovery. However, the country has recently

felt the impact of international economic conditions including tighter financing, higher input costs

including oil, and interrupted trade with Japan since the earthquake. The private development sector

has undergone a period of deregulation with less involvement by public institutions. This has increased

demand for private development and should assist the private sector construction markets in

2012. Public sector construction continues to remain subdued with public works and large-scale

project construction in a slowdown. Public sector construction is unlikely to be higher in 2012

than in 2011. The engineering, fabrication and shipbuilding sectors have healthy order books with

Asian and Australian energy projects. Construction cost escalation should be modest in 2012.

South Korea international building costs per m2of internal area

2008 2009 2010 2011 2011

KRW KRW KRW KRW USD

Residential

Detached house medium standard 1,167,307 1,155,750 1,150,000 1,150,000 1,038

Detached house prestige 1,725,585 1,708,500 1,700,000 1,700,000 1,535

Townhouse medium standard 1,380,468 1,366,800 1,360,000 1,360,000 1,228

Apartments private medium density 1,116,555 1,105,500 1,100,000 1,100,000 993

Apartments high rise 1,421,070 1,407,000 1,400,000 1,400,000 1,264

Aged care/affordable units 1,220,000 1,200,000 1,180,000 1,200,000 1,083

Commercial

Offices business park 1,116,555 1,105,500 1,100,000 1,100,000 993

CBD offices up to 20 floors medium 1,370,317 1,356,750 1,350,000 1,350,000 1,219

CBD offices prestige 1,725,585 1,708,500 1,700,000 1,700,000 1,535

Warehouses



High-tech factory/laboratory 2,639,130 2,613,000 2,600,000 2,600,000 2,348

Retail

Large shopping centre including mall 1,725,585 1,708,500 1,700,000 1,700,000 1,535


Prestige car showroom 1,898,144 1,879,350 1,870,000 1,870,000 1,688

Hotels

Three-star travellers 1,522,575 1,507,500 1,500,000 1,500,000 1,354

Five-star luxury 3,045,150 3,015,000 3,000,000 3,200,000 2,889

Resort style 1,827,090 1,809,000 1,800,000 2,050,000 1,851

Hospitals

Day centre 1,116,555 1,105,500 1,100,000 1,100,000 993

Regional hospital 1,624,080 1,608,000 1,600,000 1,600,000 1,445

General hospital 1,725,585 1,708,500 1,700,000 1,700,000 1,535

Schools

Primary and secondary 1,015,050 1,005,000 1,000,000 1,000,000 903

University 1,370,317 1,356,750 1,350,000 1,360,000 1,228

Carparks



Airports

Airport terminal 2,500,000 2,600,000 2,550,000 2,550,000 2,302


32/42


33/42



UAE

The economies of Abu Dhabi and Dubai are strengthening, driven by high levels of investment in

Abu Dhabi, strong tourism growth and the gradual emergence of the UAE as the financial hub for

the region. However, oversupply in residential and commercial markets will continue to constrain

construction growth in the UAE, with Dubai worse affected after growing strongest during 20068.

It may take several years until healthy sales rates resume and price growth occurs. Construction

costs have fallen substantially with prices in steady decline since 2008 and now up to 25 percent

lower. Abu Dhabi has much less of an oversupply problem, a healthy backlog of projects and

prospects for construction growth are better in 2012.

UAE international building costs per m2of internal area

2008 2009 2010 2011 2011

AED AED AED AED USD

Residential







Commercial




Warehouses

Warehouse/factory unit basic 6,000 5,250 4,500 4,250 1,157



Retail



Prestige car showroom

Hotels


Five-star luxury 13,000 12,750 12,500 12,000 3,267

Resort style 15,000 15,000 15,000 14,500 3,948

Hospitals

Day centre 7,000 6,500 6,000 5,750 1,565



Schools


University 7,800 7,300 6,800 6,500 1,770

Carparks



Airports

Airport terminal


34/42


UAE major projects

AED

Etihad Rail 40bn

Louvre Abu Dhabi 2m

Khalifa Port and Industrial Zone (KPIZ) 26.5bn

Presidential Palace 6mYas Mall 2m

UAE hourly cost of labour (including overheads)

2010 2011 2011

AED AED USD





UAE costs of materials




Standard brick per 1,000


Glass pane 6mm (m2) Softwood timber for framing 100mm x 50mm (m) 90 90 25


Emulsion paint (litre) 170 46

Copper pipe 15mm (m) (>1,000m job)

Copper cable (m) (3C + E, 2.5mm PVC) (>100,000m job)

UAE key trades (excluding preliminaries and builders margins)
















) (>5,000m2





35/42



UK

The UK market continues to be directly affected by economic uncertainties within Europe, as the

eurozone represents the UKs largest trading partner. Consumer confidence within the UK is on

the decline, and this economic ambiguity is having a negative effect on private sector activities

in the face of dwindling public sector investment due to government austerity measures. This

is making the industry increasingly dependent on long-term infrastructure projects and a rise

in private sector investment to fill the void. Unemployment is rising as employers attempt to

maintain current staffing levels leading to lower than inflation level wage increases. However,

falling inflation rates should ease the pressure on wages throughout 2012.

UK international building costs per m2of internal area

2008 2009 2010 2011 2011

GBP GBP GBP GBP USD

Residential







Commercial




Warehouses

Warehouse/factory unit basic 691 800 800 830 1,331

Large warehouse distribution centre 867 900 900 933 1,496


Retail




Hotels


Five-star luxury 2,500 2,500 2,500 2,593 4,158

Resort style 2,500 2,500 2,500 2,593 4,158

Hospitals

Day centre 1,295 1,531 1,531 1,588 2,546



Schools


University 2,240 2,200 2,180 2,261 3,625

Carparks


Multistorey below ground 870 850 850 881 1,413

Airports



36/42


UK major projects

GBP

Crossrail 14.5bn

High Speed Railway 2 32.7bn

London 2012 Olympics 2bn

London Tideway Improvements 4bnForth Replacement Crossing 1bn

UK hourly cost of labour (including overheads)

2010 2011 2011

GBP GBP USD





UK costs of materials


Reinforcement bar 16mm (tonne) (120 tonne job) 700 744 1,193








Copper cable (m) (3C + E, 2.5mm PVC) (>100,000m job) 0.15 0.15 0.24

UK key trades (excluding preliminaries and builders margins)




Reinforcement in beams (tonne) 950 1,010 1,619Formwork to soffit of slab (m2) 42 36 58












) (>5,000m2





37/42



US

The outlook for 201213 is for continued slow to moderate growth and a likely return to

pre-recession economic activity by 2014, subject to the European financial system not causing

further setbacks. New York, Texas and Massachusetts are experiencing stronger construction

growth, while Arizona, Nevada and Florida are much weaker. Construction costs should

increase moderately in 2012 with labour up by two to four percent and materials up by four

to eight percent. Gypsum-based products such as plasterboard are set to spike upwards in

2012. Residential is unlikely to recover in 2012 with the market still somewhat oversupplied,

but markets and companies are consolidating, rightsizing, and setting up for a resumption

of growth. Multi-unit residential, education, health and energy projects should lead the way.

US international building costs per m2of internal area

2008 2009 2010 2011

USD USD USD USD

Residential

Detached house medium standard 1,570 1,475 1,435 1,495

Detached house prestige 1,925 1,750 1,710 1,800

Townhouse medium standard 1,475 1,330 1,300 1,350

Apartments private medium density 1,420 1,590 1,520 1,600

Apartments high rise 2,075 2,045 2,020 2,100

Aged care/affordable units 1,300 1,400 1,420 1,550

Commercial

Offices business park 1,600 1,905 1,850 1,885

CBD offices up to 20 floors medium 2,215 2,150 2,085 2,140

CBD offices prestige 2,610 2,505 2,440 2,520

WarehousesWarehouse/factory unit basic 750 850 840 860

Large warehouse distribution centre 915 990 1,100 1,140

High-tech factory/laboratory 1,520 1,615 1,700 1,785

Retail

Large shopping centre including mall 1,580 1,600 1,500 1,560

Neighbourhood including supermarket 860 900 840 910

Prestige car showroom 1,425 1,390 1,325 1,380

Hotels

Three-star travellers 1,485 1,580 1,525 1,575

Five-star luxury 2,680 2,720 2,550 2,600

Resort style 2,420 2,630 2,250 2,300

Hospitals

Day centre 1,645 1,765 2,045 2,055

Regional hospital 3,100 3,210 3,290 3,340

General hospital 3,000 3,110 3,260 3,300

Schools

Primary and secondary 1,450 1,510 1,495 1,570

University 2,160 2,240 2,150 2,200

Carparks

Multistorey above ground 700 730 690 700

Multistorey below ground 1,325 1,395 1,295 1,315

Airports

Airport terminal 3,650 3,525 3,425 3,550


38/42


US major projects

USD

California High-Speed Rail 99bn

Bay Bridge East Span Replacement 6.3bn

Fab 42 5bn

The Ohio River Bridges 4.1bnInterstate 69 Extension SIU #3 1.8bn

US cost variations

National average % 100

Charlotte, NC 83

Houston, TX 92

Seattle, WA 111

Chicago, IL 115

Los Angeles, CA 115

San Francisco, CA 125

New York Metro 132

Source: ENR

NB: Construction costs vary widely across the US:

US hourly cost of labour (including overheads)

2010 2011

USD USD

Group 1 tradesman eg plumber, electrician 73 75

Group 2 tradesman eg carpenter, bricklayer 64 65Group 3 tradesman eg carpet layer, tiler, plasterer 54 57

General labourer 51 53

Site foreman 75 77

US costs of materials

Documents

International Cost Standard