“The results of this year’s survey were markedly different from our 2021 survey results, which highlight the enormous pressures facing construction markets and the impact they are having on construction costs,” he said.
“In our 2021 survey, there were 11 markets that were expected to have construction cost inflation of ten percent or more in 2021. In our 2022 survey results, there are 38 markets that suggested they experienced inflation of ten percent or more. Rising building material costs have been one of the key drivers of higher construction cost inflation over the last 12 months.
He listed the major reasons for the global challenge to construction as general inflation, increasing interest rates, rising cost of construction, excessive lead times, geopolitical issues, transportation bottlenecks, and the COVID-19-related shutdowns in China which has led to considerable impact on supply, creating lengthy delays for many construction goods.
“Skilled labour shortages, a sharp rebound in construction activity, coupled with the delayed resumption of labour migration are limiting the availability of labour to complete the growing pipeline of work,” he said “Rather than boosting domestic value added, trade restrictions were hurting Nigerians while PropTech, high tech manufacturing and ESG were innovative ways to demystify the key signals of the high construction cost in Nigeria,” he added.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Banana Island
What a verbose lie
With building collapse left and right
Its election year.
When will Lagos state have good road network like river state? I always cry for people living in Lagos because of traffic 😭😭
With rich mofos living on the verge of a submission by the great Atlantic ocean. What a state and city with no fucking master plan. SMH.
Exploring
With at least 3hrs in traffic everyday?
Everything in this city is unreal.
Uhmmm, with Stolen wealth.
That's a good one👍👍 Ifb almost immediately
The way the real estate is being done here in Nigeria is bound to come to this
What do you expect when Baba Agbado is contesting for presidency? They will try to hike everything In order to get their money for campiagn and election
And yet Tinubu built Lagos,make I hear that nonsense from anybody again.
Punch abeg is today public holiday for banks ?
Thanks to Jagaban
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