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Construction costs slow down to 0.44% in September

Section: Economic Statistics | Carmen Nery

October 11, 2022 09h00 AM | Last Updated: October 13, 2022 03h09 PM

After highs in recent years, materials have contributed to the slowdown in construction costs - Photo: Helena Pontes/ IBGE News Agency

The National Index of  Civil Construction (Sinapi), released today (Oct 11) by the IBGE, rose 0.44% in September, but decelerated 0.14 percentage points (pp) compared to the August rate (0.58%). It was the lowest result since July 2020. In the 12-month period, the rate is 13.11%. In September 2021, the index was 0.88%.

According to the survey manager, Augusto Oliveira, SINAPI indicates that costs are at a similar level to the pre-pandemic period. “There was an upward trend starting in June 2020, going from 0.14% to 1.94% in December. In 2022, we had a peak in May (2.17%) before the decline up to the current 0.44%. Some states already have deflation, as Espírito Santo (-0.11%) and Bahia (-0.01%), a case which can be considered of stability”, says Mr. Oliveira.

The national cost of construction per square meter, which in August was R$1,661.85, rose to R$1,669.19 in September, R$ 999.96 of which related to materials and R$ 669.23, to labor force.

The Sinapi manager points out that materials, which led to highs in the pandemic years, have been the reason for the slowdown in 2022. The share of materials grew 0.53% in September, the second lowest monthly variation of the year, and is 0 .16 p.p. lower than that disclosed in the previous month (0.69%). The share of labor increased by 0.31%, and was 0.11 p.p. lower in relation to the previous month (0.42%), with only one collective agreement signed in the period.

In 12 months, the cumulative rate was 13.99% for materials and 11.80% for labor force, respectively.

South Region boosts

With the collective agreement signed in Santa Catarina, and a rise in the share of materials in the three states, the South Region had the highest regional change in September, 0.95%. The other Major Regions showed the following results: 0.52% (North), 0.42% (Northeast), 0.27% (Southeast), and 0.42% (Central-West).

Regional costs, per square meter, were: R$ 1,653.98 (North); R$ 1,556.52 (Northeast); R$ 1,737.19 (Southeast); R$ 1,745.74 (South) and R$ 1,683.10 (Central-West).

Among the states, Santa Cataria had the highest increase (2.80%), due to the high increase in the share of materials, and to the rise for the professional categories. “In the other states, 14 had deceleration, two had deflation and only 10 had rates higher than the previous month”, emphasizes Mr. Oliveira.

More about SINAPI

Sinapi, a joint production of the IBGE and Caixa Econômica Federal, aims at producing monthly series of costs and dies for the housing sector, and monthly series of median wages of labor force and median prices of construction materials, machinery and equipment and services for basic sanitation, infrastructure and housing.

Sinapi's statistics are essential for investment programming, especially for the public sector. Prices and costs help in the elaboration, analysis and evaluation of budgets, while the indexes make it possible to update the amounts of expenses in contracts and budgets. Access the data in Sidra.

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