In the last quarter of 2024, San Francisco, New York, and Honolulu were some of the U.S. cities with the highest housing construction costs. Meanwhile, Phoenix had one of the lowest construction costs for high-end multifamily homes at 280 U.S. dollars per square foot and Las Vegas for single-family homes between 235 and 470 U.S. dollars per square foot. Construction cost disparities As seen here, the construction cost for a high-end multi-family home in San Francisco in the first quarter of 2024 was over twice more expensive than in Phoenix. Meanwhile, there were also great differences in the cost of building a single-family house in New York and in Portland or Seattle. Some factors that may cause these disparities are the construction materials, installation, and composite costs, differing land values, wages, etc. For example, although the price of construction materials in the U.S. was rising at a slower level than in 2022 and 2023, several materials that are essential in most construction projects had growth rates of over five percent in 2024. Growing industry revenue Despite the economic uncertainty and other challenges, the size of the private construction market in the U.S. rose during the past years. It is important to consider that supply and demand for housing influences the revenue of this segment of the construction market. On the supply side, single-family home construction fell in 2023, but it is expected to rise in 2024 and 2025. On the demand side, some of the U.S. metropolitan areas with the highest sale prices of single-family homes were located in California, with San Jose-Sunnyvale-Santa Clara at the top of the ranking.

The average construction cost of a single-family home in the United States was about 428,000 U.S. dollars in 2024, about 36,000 U.S. dollars more expensive than in 2022. The source also adds that interior finishes – which includes insulation, flooring, and appliances – accounted for the largest share of costs at 24 percent. U.S. housing construction slows Construction work was underway on over 1,000 single-family housing units in the United States in 2024. This number increased year-on-year between 2011 and 2021, followed by a notable decline in the next two years. Despite this trend, the industry experts are optimistic about construction levels picking up until 2026. The median size of a new single-family home has also shrunk. In 2023, the average home had approximately 2,300 square feet of floor space, about 200 square feet less than in 2015.
How many homes are sold each year in the United States? Less than five million homes were sold in the United States in 2023, the majority of which were existing home sales. The median sales price of an existing single-family home was 389,000 U.S. dollars in that year, a figure that has risen steadily since 2011. Those in the market for a newly constructed single-family home will have to pay more, with the median sales price at 427,000 U.S. dollars in 2022.

The index relates to costs ruling on the first day of each month. NATIONAL HOUSE CONSTRUCTION COST INDEX; Up until October 2006 it was known as the National House Building Index Oct 2000 data; The index since October, 2000, includes the first phase of an agreement following a review of rates of pay and grading structures for the Construction Industry and the first phase increase under the PPF. April, May and June 2001; Figures revised in July 2001due to 2% PPF Revised Terms. March 2002; The drop in the March 2002 figure is due to a decrease in the rate of PRSI from 12% to 10 3/4% with effect from 1 March 2002. The index from April 2002 excludes the one-off lump sum payment equal to 1% of basic pay on 1 April 2002 under the PPF. April, May, June 2003; Figures revised in August'03 due to the backdated increase of 3% from 1April 2003 under the National Partnership Agreement 'Sustaining Progress'. The increases in April and October 2006 index are due to Social Partnership Agreement 'Towards 2016'. March 2011; The drop in the March 2011 figure is due to a 7.5% decrease in labour costs. Methodology in producing the Index Prior to October 2006: The index relates solely to labour and material costs which should normally not exceed 65% of the total price of a house. It does not include items such as overheads, profit, interest charges, land development etc. The House Building Cost Index monitors labour costs in the construction industry and the cost of building materials. It does not include items such as overheads, profit, interest charges or land development. The labour costs include insurance cover and the building material costs include V.A.T. Coverage: The type of construction covered is a typical 3 bed-roomed, 2 level local authority house and the index is applied on a national basis. Data Collection: The labour costs are based on agreed labour rates, allowances etc. The building material prices are collected at the beginning of each month from the same suppliers for the same representative basket. Calculation: Labour and material costs for the construction of a typical 3 bed-roomed house are weighted together to produce the index. Post October 2006: The name change from the House Building Cost Index to the House Construction Cost Index was introduced in October 2006 when the method of assessing the materials sub-index was changed from pricing a basket of materials (representative of a typical 2 storey 3 bedroomed local authority house) to the CSO Table 3 Wholesale Price Index. The new Index does maintains continuity with the old HBCI. The most current data is published on these sheets. Previously published data may be subject to revision. Any change from the originally published data will be highlighted by a comment on the cell in question. These comments will be maintained for at least a year after the date of the value change. Oct 2008 data; Decrease due to a fall in the Oct Wholesale Price Index.

This statistic presents a breakdown of single family home construction costs as of fall 2019, by type. As of that time, framing costs of single family houses reached approximately 51,589 U.S. dollars.

Poland - Construction cost of new residential buildings was 3.50 % year-on-year in June of 2021, according to the EUROSTAT. Trading Economics provides the current actual value, an historical data chart and related indicators for Poland - Construction cost of new residential buildings - last updated from the EUROSTAT on March of 2025. Historically, Poland - Construction cost of new residential buildings reached a record high of 4.10 % year-on-year in September of 2019 and a record low of 2.50 % year-on-year in March of 2021.

In 2024, the construction cost of non-residential buildings in the United States has increased by six percent. The cost index for that type of construction projects amounted to 1,199 in 2021, but it reached 1,426 in 2024. Construction costs have increased almost every year, except for 2009 and 2010.

Graph and download economic data for Other Prices: Cost of Construction: Residential: Total for Italy (OPCNRE01ITM661N) from Jan 1967 to Oct 2023 about cost, Italy, residential, and construction.

Construction producer prices or costs, new residential buildings - monthly data

Germany Construction Cost: Estimated: Non Residential (NR) data was reported at 4,452,325.000 EUR th in Dec 2024. This records an increase from the previous number of 4,026,455.000 EUR th for Nov 2024. Germany Construction Cost: Estimated: Non Residential (NR) data is updated monthly, averaging 2,828,364.000 EUR th from Jan 2003 (Median) to Dec 2024, with 264 observations. The data reached an all-time high of 6,150,805.000 EUR th in Dec 2022 and a record low of 1,480,839.000 EUR th in Jan 2005. Germany Construction Cost: Estimated: Non Residential (NR) data remains active status in CEIC and is reported by Statistisches Bundesamt. The data is categorized under Global Database’s Germany – Table DE.EA001: Building Permits Granted.

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Graph and download economic data for Producer Price Index by Commodity: Inputs to Industries: Net Inputs to Single Family Residential Construction, Trade Services (WPUIP23111021) from Dec 2014 to Feb 2025 about 1-unit structures, trade, family, residential, construction, services, commodities, PPI, industry, inflation, price index, indexes, price, and USA.

Czech Republic - Construction cost of new residential buildings was -0.60 % year-on-year in March of 2024, according to the EUROSTAT. Trading Economics provides the current actual value, an historical data chart and related indicators for Czech Republic - Construction cost of new residential buildings - last updated from the EUROSTAT on March of 2025. Historically, Czech Republic - Construction cost of new residential buildings reached a record high of 24.10 % year-on-year in June of 2022 and a record low of -0.60 % year-on-year in March of 2024.

Graph and download economic data for Other Prices: Cost of Construction: Residential: Total for Norway (OPCNRE01NOM661N) from Jan 1972 to Nov 2023 about Norway, cost, residential, and construction.

Italy Construction Cost Index: Residential: Region: Milan data was reported at 135.200 2000=100 in Dec 2008. This stayed constant from the previous number of 135.200 2000=100 for Nov 2008. Italy Construction Cost Index: Residential: Region: Milan data is updated monthly, averaging 119.300 2000=100 from Apr 2002 (Median) to Dec 2008, with 81 observations. The data reached an all-time high of 135.400 2000=100 in Sep 2008 and a record low of 107.600 2000=100 in Jan 2003. Italy Construction Cost Index: Residential: Region: Milan data remains active status in CEIC and is reported by National Institute of Statistics. The data is categorized under Global Database’s Italy – Table IT.EA011: Construction Cost Index: Residential: 2000=100: By Region.

The cost of building a home in Mexico increased in 2024, but at a lower pace than in previous years. In the first 11 months of 2024, residential construction costs were 2.9 percent higher than in 2023. Labor costs was the type of construction cost that increased the most in Mexico in 2023.

Austria - Construction cost of new residential buildings was 3.10 % year-on-year in March of 2024, according to the EUROSTAT. Trading Economics provides the current actual value, an historical data chart and related indicators for Austria - Construction cost of new residential buildings - last updated from the EUROSTAT on March of 2025. Historically, Austria - Construction cost of new residential buildings reached a record high of 14.00 % year-on-year in September of 2021 and a record low of -0.90 % year-on-year in June of 2023.

Slovakia - Construction cost of new residential buildings was 9.40 % year-on-year in September of 2021, according to the EUROSTAT. Trading Economics provides the current actual value, an historical data chart and related indicators for Slovakia - Construction cost of new residential buildings - last updated from the EUROSTAT on March of 2025. Historically, Slovakia - Construction cost of new residential buildings reached a record high of 9.40 % year-on-year in September of 2021 and a record low of -3.50 % year-on-year in March of 2021.

Austria Construction Cost Index: Residential Buildings: Contractor Costs data was reported at 190.000 2005=100 in Feb 2025. This records an increase from the previous number of 189.900 2005=100 for Jan 2025. Austria Construction Cost Index: Residential Buildings: Contractor Costs data is updated monthly, averaging 127.300 2005=100 from Jan 2000 (Median) to Feb 2025, with 302 observations. The data reached an all-time high of 190.000 2005=100 in Feb 2025 and a record low of 85.400 2005=100 in Jan 2000. Austria Construction Cost Index: Residential Buildings: Contractor Costs data remains active status in CEIC and is reported by Statistics Austria. The data is categorized under Global Database’s Austria – Table AT.EA005: Construction Cost Index: 2005=100.

Dataset replaced by: http://data.europa.eu/euodp/data/dataset/NdeFrInrxA0LzZMlpod4Q

Colombia Construction Cost Index: Bldg: Residential: Manizales data was reported at 125.100 Dec2021=100 in Jan 2025. This records an increase from the previous number of 122.580 Dec2021=100 for Dec 2024. Colombia Construction Cost Index: Bldg: Residential: Manizales data is updated monthly, averaging 118.510 Dec2021=100 from Jan 2022 (Median) to Jan 2025, with 37 observations. The data reached an all-time high of 125.100 Dec2021=100 in Jan 2025 and a record low of 101.768 Dec2021=100 in Jan 2022. Colombia Construction Cost Index: Bldg: Residential: Manizales data remains active status in CEIC and is reported by National Administrative Department of Statistics. The data is categorized under Global Database’s Colombia – Table CO.EA007: Construction Cost Index: Buildings: Dec2021=100.