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The civil engineering and construction industry has had a tough year in terms of costs, which have been passed on to production, which has led to factors such as reduced work volumes. However, on a monthly basis, these have begun to decline as inflation has slowed, but to a certain extent. Year after year, it remains high.
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In June 2024, according to the Office for National Statistics (Dane), The construction cost index (Icoced) is 3.38%, Compared to June 2023, the cost of non-residential construction increased by 3.36%, while the national average cost of residential construction increased by 3.38%.
Overall, 3 of the 10 destinations related to building construction are above the national average: education (4.04%), other destinations (3.54%) and apartments (3.39%). On the other hand, the destinations: houses and warehouses (3.35% each), offices (3.28%), hospitals and care centers (3.24%), hotels (3.19%), public administration (3.03%) and commercial (2.94%) are below the national average.
In terms of housing, the annual change in NO VIS housing was 3.39%. The change in VIS Housing is very close at 3.38%.
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Construction Industry
Photo: iStock
By geographic location, the biggest cost differences were in Villavicencio (3.81%), Manizales (3.73%) and Bogotá-Cundinamarca (3.68%). In contrast, the smallest price changes were in Cali (2.90%) and Valledupar (2.95%).
By cost type, the largest price increase compared to the same month last year was Labor accounted for 8.20%, transportation accounted for 7.59%, and equipment accounted for 6.89%. The only category to decline during this period was special construction equipment (-2.85%).
“Among the inputs, the largest contributions to the total change were: square (8.28%), accounting for 1.03 percentage points; ordinary concrete (5.01%), accounting for 0.53 percentage points; sand (8.60%), accounting for 0.28 percentage points” , Add measurements.
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Building construction and civil engineering.
Courtesy – BBVA Research
Civil Engineering: Roads
In June 2024, the index of costs of civil engineering construction (Icoviv) changed by 4.14% compared to the same month in 2023. The indicator is mainly driven by one of five groups related to civil engineering construction: Roads, streets, railways and runways, bridges, viaducts and tunnels account for 4.89%.
The changes in other groups of this indicator were lower than the national average: construction of mines and factories (3.93%), ports, canals, dams, irrigation systems and other water conservancy works (aqueducts) (3.26%), long-distance gas pipelines, communication lines and power cables; local pipelines and cables and related works (3.01%) and outdoor sports buildings and other civil engineering works (2.86%).
By subcategory, The dam increased by 6.21%, Long-distance pipelines are 6.04%, and bridges and viaducts are 5.75%. For their part, the smallest price changes are: tunnels are 1.85%, and local cables and related works are 0.10%.
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By project, local roads had the largest increase of 7.34% in June 2024 compared with the same month of the previous year, followed by reservoirs with an increase of 6.21% and oil, gas and polymer pipeline construction with an increase of 6.04%. On the other hand, by type of work, the smallest annual changes were in: construction of medium and low voltage lines (-0.86%), mobile phone construction (1.74%) and tunnel construction (1.85%).
Paula Galeano Balaguera
Portfolio Reporter
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