Post on 27-Mar-2015
INTERNATIONAL CONSTRUCTION COST SURVEYValues in US dollars
January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
INTRODUCTION and CONTENTS
CONTENTSpage page
Key Data 1 - 2
Example Building Costs Building Labor Hourly Rates
Europe Europe 9
Offices & Industrial 3 International (except North America) 10
Residential, Retail & Hotels 4 North America 11
International (except North America) Building Materials Supply Prices
Offices & Industrial 5 Europe 12
Residential, Retail & Hotels 6 International (except North America) 13
North America North America 14
Offices & Industrial 7
Residential, Retail & Hotels 8 Inflation Rates & Forecasts 15
INTRODUCTION
This report has been prepared by Gardiner & Theobald LLP using its worldwide network of offices and with the assistance of thecompanies acknowledged in the Key Data section.
The report contains key data, building cost information, labor rates, material costs and inflation statistics.
Key Data covers definitions, currencies and exchange rates, and the rates of sales tax where applicable.
Trends in the data are not described here, although some analysis has been performed and could be made available.
Editorial Note: It is imperative that, in any editing of the report for further publication, the Caution and Definitions in the Key Datasection and all notes in other sections are retained, otherwise data may be misused by readers.
© Gardiner & Theobald LLPJanuary 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
KEY DATA
CAUTION:
Due to constantly changing political, economic and market conditions, the data in this report is for comparative purposes only and should not be relied upon or otherwise used
without prior reference to Gardiner & Theobald LLP,
32 Bedford Square London WC1B 3JT [Contact: Brian Livingston; E-mail B.Livingston@gardiner.com Tel +44 (0)20 7209 3000 Fax +44 (0)20 7209 1840]
The International Construction Cost Survey is compiled by Gardiner & Theobald LLP using data provided by others. Whilst every effort has been made to ensure that the
information contained in this report is correct, no liability can be accepted for any errors or omissions within the survey.
All costs were provided in local currency and have been converted at rates listed to provide the comparison tables.
DEFINITIONS:
VAT (Value Added Tax) : The sales tax, or equivalent, added on the value of work or services at a level defined by the government of the country.
VAT has been excluded from the prices in this survey report.
General Conditions: General facilities provided by the building contractor to enable work to take place such as site administration, supervision and co-ordination, temporary site
accommodation, hoists & cranes.
The value of General Conditions is included in the figures in the Building Costs section.
We are particularly grateful for information received from:-
Gardiner & Theobald's offices in:
United Kingdom
Bulgaria
China
Croatia
Czech Republic
France
Germany
Hungary
Ireland
Poland
Qatar
Romania
Slovakia
United Arab Emirates
USA
Other contributors:
RED Consulting & Management
aCMG Construction Managers
BCQS
G Roditis & Partners
Tocoman Laskentapalvelut Oy
Feedback Ventures
PT TeamworX Indonesia
Kyowa Construction Cost Consultants
Società Progettazioni Integrali spa
Argentina
Belgium
Caribbean
Cyprus & Greece
Finland
India
Indonesia
Japan
Italy
Mentor Management
EGN Consultants
Stevens Van Dijck
AS Bygganalyse
Schoombie Hartmann
CEM Management S.A.
Rekogama & Jude Associates
Bygganalys AB
Kenya
Lebanon
Netherlands
Norway
South Africa
Spain
Sri Lanka
Sweden
Other contributors (cont'd):
KEY DATAGardiner & Theobald LLP 1 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
COUNTRY Local CurrencyExchange
Rate / $
PRICING
Key city location
Sales Tax
VAT (& the like)COUNTRY Local Currency
Exchange
Rate / $
PRICING
Key city location
Sales Tax
VAT (& the like)General Building General Building
BELGIUM Euro 0.7851 Brussels 21% 21% ARGENTINA Peso 3.4430 Buenos Aires 21% 21% 4
BULGARIA Leva 1.5354 Sofia 20% 20% AUSTRALIA Aus $ 1.5401 Melbourne/Sydney 10% 10%
CROATIA Kuna 5.6305 Zagreb 22% 22% BRAZIL Real 2.4885 São Paulo 5%
CYPRUS Euro 0.7851 Nicosia 15% 15% CHINA Yuan 6.8817 Shanghai 17% NIL
CZECH REPUBLIC Koruna 20.1190 Prague 19% 19% 2 EGYPT Egyptian £ 5.5190 Alexandra 10% 2.9%
FINLAND Euro 0.7851 Helsinki 22% 22% HONG KONG HK $ 7.7515 Hong Kong NIL NIL
FRANCE Euro 0.7851 Paris 19.6% 19.6% INDIA Indian Rupee 49.8700 New Delhi 4-12% 4-12% 5
GERMANY Euro 0.7851 Berlin 19% 19% INDONESIA Rupiah 11825.0000 Jakarta 10% 10%
GREECE Euro 0.7851 Athens 19% 19% ISRAEL Shekel 3.9820 Tel Aviv 15.5% 15.5%
HUNGARY Forint 204.7420 Budapest 20% 20% JAPAN Yen 92.8050 Tokyo 5% 5%
IRELAND Euro 0.7851 Dublin 21% 13½% KENYA Kenya Shilling 79.1000 Nairobi 16% 16%
ITALY Euro 0.7851 Milan 20% 20% LEBANON Lebanese £ 1502.5000 Beirut 10% 10%
MONTENEGRO Euro 0.7851 Tivat 17% 17% MALAYSIA Ringgit 3.6395 Kuala Lumpur NIL NIL
NETHERLANDS Euro 0.7851 Amsterdam 19% 19% NEW ZEALAND NZ $ 1.8681 Auckland 12.5% 12.5%
NORWAY Nor.Krone 7.1288 Oslo 25% 25% OMAN Rial Omani 0.3850
POLAND Zloty 3.0233 Warsaw 22% 22% 1 PHILIPPINES Peso 49.3550 Manila 10% 10%
PORTUGAL Euro 0.7851 Lisbon 21% 21% SAUDI ARABIA Riyal 3.7515 Riyadh NIL NIL
ROMANIA Leu 3.0201 Bucharest 19% 19% SINGAPORE S$ 1.5245 Singapore 5% 5%
SLOVAKIA Koruna 23.6960 Bratislava 19% 19% SOUTH AFRICA Rand 10.2101 Various Cities 14% 14%
SPAIN Euro 0.7851 Barcelona 16% 16% SRI LANKA Rupee 110.1000 Colombo 15% 15%
SWEDEN Krona 8.2914 Stockholm 25% 25% STATE OF QATAR Riyal 3.6415 Doha NIL NIL
UNITED KINGDOM £ Sterling 0.6809 London 15% 15% 3 TURKEY New Lira 1.5524 Ankara 18%
UNITED ARAB EMIRATES Dirham 3.6730 Dubai N/A N/A
CAYMAN ISLANDS CI $ 0.8200 George Town NIL NIL VIETNAM Dong 16979.0000 Hanoi 10% 10%
BRITISH VIRGIN ISLANDS US $ 1.0000 Tortola NIL NIL
BARBADOS Barb $ 2.0000 Christ Church 15% 15% USA US $ 1.0000 Various Cities Varies Varies
MEXICO Peso 13.5251 Mexico City 15% 15%
Exchange rates current at 04 December 2008 as published in the Financial Times 1 7% on Residential
2 5% on Residential
3 Reduced from 17.5% to 15% on 1st Dec 08
4 Except housing at 10.5%
5 Varies state to state
KEY DATA - EXCHANGE RATES
KEY DATAGardiner & Theobald LLP 2 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
EXAMPLE BUILDING COSTS: EUROPE
OFFICES & INDUSTRIAL
CITY CENTRE HEATED OFFICESCITY CENTRE AIR CONDITIONED
OFFICES
FACTORIES, WAREHOUSES,
INDUSTRIALOUT OF TOWN BUSINESS PARK
COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF
low high low high low high low high
BELGIUM 115 138 138 161 58 92 104 138
BULGARIA 116 116 20 129 132 21 49 50 1 70 70 1
CROATIA 91 121 8 92 139 20 46 64 1 78 98 3
CYPRUS 115 196 92 161 104 173
CZECH REPUBLIC 91 127 6 109 154 6 68 113 1 91 136 6
FINLAND 170 214 5 184 224 5 105 127 1 153 185 2
FRANCE 213 288 271 380 73 121 155 213
GERMANY 144 202 5 185 258 5 62 124 1 156 222 4
GREECE 138 276 81 155 138 207
HUNGARY 86 129 7 52 64 1 64 112 1
IRELAND 184 230 253 340 101 152 86 109
ITALY 144 184 173 288 83 201 228 334
NETHERLANDS 156 183 190 244 80 118 171 195
NORWAY 182 326 196 339 6 117 209 1 182 300
POLAND 111 169 130 182 64 89 N/A N/A
SLOVAKIA 87 121 5 102 146 8 57 99 1 87 119 5
SPAIN N/A N/A 132 207 10 68 121 115 184
SWEDEN 189 223 3 194 229 3 103 108 1 156 223 1
UNITED KINGDOM 177 259 7 232 368 12 48 82 171 218 4
Self-contained low-rise building in a
campus location. Costs include for high
quality cladding and accommodation to
a good finish with raised floors, carpet,
suspended ceilings, air-conditioning,
lighting and power, but excluding
partitioning
Self-contained building of a size and
height typical of major cities in country;
building costs include for
accommodation to a good finish with
raised floors, carpet, suspended
ceilings, heating, lighting & power, but
excluding partitioning
Self-contained building of a size and
height typical of major cities in country;
building costs include for
accommodation to a good finish with
raised floors, carpet, suspended
ceilings, air-conditioning, lighting &
power, but excluding partitioning
Large, single storey unit of steel portal
frame and profiled aluminium cladding,
with an eaves height of at least 20ft, on
an out-of-town site, finished to a basic
shell with services and heating to the
office space (approx 5% of area)
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
The above descriptions are indicative only, as construction specification and requirements will vary between countries; building costs are for typical buildings. N/A means not applicable.
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 3 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
EXAMPLE BUILDING COSTS: EUROPE
RESIDENTIAL, RETAIL & HOTELS
HIGH RISE APARTMENTS SHOPPING CENTREHIGH QUALITY CAPITAL CITY
HOTELPROVINCIAL / SUBURBAN HOTEL
COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF
low high low high low high low high
BELGIUM 138 155
BULGARIA 74 128 12 84 114 3 125 173 10 52 62 4
CROATIA 78 121 10 75 98 3 139 202 7 98 139 4
CYPRUS 109 161 98 161 196 253 104 144
CZECH REPUBLIC 91 145 10 91 150 2 127 227 8 104 181 3
FINLAND 195 266 5 155 210 3 224 250 5 159 224 3
FRANCE 178 265 73 259 167 253
GERMANY 115 173 6 109 170 2 188 314 6 136 203 4
GREECE 127 207 115 230 230 345 150 230
HUNGARY 70 118 8 90 129 3 161 344 8 118 150 4
IRELAND 127 184 4 236 363 288 391 230 340
ITALY 178 317 247 389 247 366 167 271
NETHERLANDS 96 150 135 177 235 275 204 228
NORWAY 222 326 130 222 339 443 6 235 313
POLAND 112 175 102 167 171 221 124 162
SLOVAKIA 87 136 8 91 117 2 152 227 7 87 129 6
SPAIN 144 242 109 230 196 276 132 242
SWEDEN 131 134 3 195 234 3 239 288 3 211 257 3
UNITED KINGDOM 191 300 8 171 205 259 341 10 198 259
Multi-storey typical of major cities in
country, apartments finished to a high
standard, all floors served by lifts
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Major shopping developments
incorporating retail space,
pedestrian areas and service areas , but
excluding car parks
Typical
number of
floors
High quality hotel in excess of 400
bedrooms, conference facilities,
extensive restaurant, lounge and foyer
areas, leisure facilities incl. indoor pool,
retail and service areas.
Costs exclude FF&E
Medium-sized hotel, conference
facilities, extensive restaurant, lounge
and foyer areas but no pool or other
leisure facilities.
Costs exclude FF&E
The above descriptions are indicative only, as construction specification and requirements will vary between countries; building costs are for typical buildings. N/A means not applicable.
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 4 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
EXAMPLE BUILDING COSTS: INTERNATIONAL (except Europe and North America)
OFFICES & INDUSTRIAL
CITY CENTRE HEATED OFFICESCITY CENTRE AIR CONDITIONED
OFFICES
FACTORIES, WAREHOUSES,
INDUSTRIALOUT OF TOWN BUSINESS PARK
COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF
low high low high low high low high
ARGENTINA N/A N/A N/A N/A 33 66 1 N/A N/A
CHINA N/A N/A 83 121 35 43 73 1 N/A N/A
EGYPT N/A N/A 8 109 147 8 74 112 1 111 150 6
HONG KONG N/A N/A 170 233 100 155 N/A N/A
INDIA N/A N/A 3 46 65 3 36 38 2 37 46 5
INDONESIA N/A N/A 41 60 33 37 33 37
ISRAEL N/A N/A 92 107 16 31 37 1 92 102 10
JAPAN N/A N/A 251 330 15 94 180 1 N/A N/A
KENYA 56 8 56 8 23 1 49 2
SOUTH AFRICA - Durban N/A N/A 54 80 26 47 N/A N/A
SRI LANKA 28 30 4 35 40 4 20 26 1
STATE OF QATAR N/A N/A 213 250 30 113 150 1 225 256 4
TURKEY N/A N/A 83 117 20 34 69 3 N/A N/A
UNITED ARAB EMIRATES N/A N/A 134 149 20 99 124 136 161
The above descriptions are indicative only, as construction specification and requirements will vary between countries; building costs are for typical buildings. N/A means not applicable.
Self-contained building of a size and
height typical of major cities in country;
building costs include for
accommodation to a good finish with
raised floors, carpet, suspended
ceilings, heating, lighting & power, but
excluding partitioning
Self-contained building of a size and
height typical of major cities in country;
building costs include for
accommodation to a good finish with
raised floors, carpet, suspended
ceilings, air-conditioning, lighting &
power, but excluding partitioning
Large, single storey unit of steel portal
frame and profiled aluminium cladding,
with an eaves height of at least 20ft, on
an out-of-town site, finished to a basic
shell with services and heating to the
office space (approx 5% of area)
Self-contained low-rise building in a
campus location. Costs include for high
quality cladding and accommodation to
a good finish with raised floors, carpet,
suspended ceilings, air-conditioning,
lighting and power, but excluding
partitioning
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 5 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
EXAMPLE BUILDING COSTS: INTERNATIONAL (except Europe and North America)
RESIDENTIAL, RETAIL & HOTELS
HIGH RISE APARTMENTS SHOPPING CENTREHIGH QUALITY CAPITAL CITY
HOTELPROVINCIAL / SUBURBAN HOTEL
COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF
low high low high low high low high
ARGENTINA 45 80 15 N/A N/A 82 96 10 58 69 4
CHINA 46 63 25 93 140 7 139 179 25 103 127 15
EGYPT 82 114 10 102 120 2 145 173 25 N/A N/A 12
HONG KONG 152 190 233 277 260 316 N/A N/A
INDIA 52 59 9 28 46 3 102 111 6 55 74 4
INDONESIA 45 60 33 37 54 66 47 58
ISRAEL 78 92 19 94 101 2 132 174 15 109 122 4
JAPAN N/A N/A 20 93 205 5 379 502 20 282 456 10
KENYA 57 7 56 2 70 8 49 4
SOUTH AFRICA - Durban 58 94 44 64 67 107 54 85
SRI LANKA 32 39 12 29 33 3 37 40 12 31 39 3
STATE OF QATAR 213 250 25 231 263 250 325 20 225 288
TURKEY 38 59 5 69 96 15-23 41 69
UNITED ARAB EMIRATES 178 203 169 213 273 347 235 273
Multi-storey typical of major cities in
country, apartments finished to a high
standard, all floors served by lifts
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Major shopping developments
incorporating retail space,
pedestrian areas and service areas , but
excluding car parks
Typical
number of
floors
Typical
number of
floors
High quality hotel in excess of 400
bedrooms, conference facilities,
extensive restaurant, lounge and foyer
areas, leisure facilities incl. indoor pool,
retail and service areas.
Costs exclude FF&E
Medium-sized hotel, conference facilities,
extensive restaurant, lounge and foyer
areas but no pool or other leisure
facilities
Costs exclude FF&E.
The above descriptions are indicative only, as construction specification and requirements will vary between countries; building costs are for typical buildings. N/A means not applicable.
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 6 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
EXAMPLE BUILDING COSTS: NORTH AMERICA
OFFICES & INDUSTRIAL
CITY CENTRE HEATED OFFICESCITY CENTRE AIR CONDITIONED
OFFICES
FACTORIES, WAREHOUSES,
INDUSTRIALOUT OF TOWN BUSINESS PARK
COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF
low high low high low high low high
USA
LOS ANGELES N/A N/A 289 660 45 116 228 186 332
NEW YORK N/A N/A 373 719 109 241 191 282
SEATTLE N/A N/A 279 683 45 113 219 191 351
CARIBBEAN
CAYMAN ISLANDS N/A N/A 259 387 5 78 98 1 N/A N/A
MEXICO 58 63 32 63
Self-contained building of a size and
height typical of major cities in country;
building costs include for
accommodation to a good finish with
raised floors, carpet, suspended
ceilings, heating, lighting & power, but
excluding partitioning
Self-contained building of a size and
height typical of major cities in country;
building costs include for
accommodation to a good finish with
raised floors, carpet, suspended
ceilings, air-conditioning, lighting &
power, but excluding partitioning
Large, single storey unit of steel portal
frame and profiled aluminium cladding,
with an eaves height of at least 20ft, on
an out-of-town site, finished to a basic
shell with services and heating to the
office space (approx 5% of area)
Self-contained low-rise building in a
campus location. Costs include for high
quality cladding and accommodation to
a good finish with raised floors, carpet,
suspended ceilings, air-conditioning,
lighting and power, but excluding
partitioning
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
The above descriptions are indicative only, as construction specification and requirements will vary between countries; building costs are for typical buildings. N/A means not applicable.
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 7 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
EXAMPLE BUILDING COSTS: NORTH AMERICA
RESIDENTIAL, RETAIL & HOTELS
HIGH RISE APARTMENTS SHOPPING CENTREHIGH QUALITY CAPITAL CITY
HOTELPROVINCIAL / SUBURBAN HOTEL
COUNTRY US $ / SF US $ / SF US $ / SF US $ / SF
low high low high low high low high
USA
LOS ANGELES 289 637 45 N/A N/A 279 546 40 181 364 8
NEW YORK 282 738 N/A N/A 346 692 209 373 8
SEATTLE 289 637 45 N/A N/A 260 501 40 196 369 8
CARIBBEAN
CAYMAN ISLANDS 176 305 5 142 259 2 259 323 5 162 255 2
MEXICO 71 99 40
Multi-storey typical of major cities in
country, apartments finished to a high
standard, all floors served by lifts
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Typical
number of
floors
Major shopping developments
incorporating retail space,
pedestrian areas and service areas, but
excluding car parks
Typical
number of
floors
Typical
number of
floors
High quality hotel in excess of 400
bedrooms, conference facilities,
extensive restaurant, lounge and foyer
areas, leisure facilities incl. indoor pool,
retail and service areas.
Costs exclude FF&E
Medium-sized hotel, conference
facilities, extensive restaurant, lounge
and foyer areas but no pool or other
leisure facilities.
Costs exclude FF&E
The above descriptions are indicative only, as construction specification and requirements will vary between countries; building costs are for typical buildings. N/A means not applicable.
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 8 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
BUILDING LABOR RATES
EUROPE
BASIC RATE TOTAL BILLING RATE
COUNTRYUNSKILLED
US $ / hour
SEMI-SKILLED
US $ / hour
SKILLED
US $ / hour
UNSKILLED
US $ / hour
SEMI-SKILLED
US $ / hour
SKILLED
US $ / hour
BELGIUM 37.17 39.65 42.13 48.33 51.54 54.77
BULGARIA 2.22 3.42 3.92 2.69 4.14 4.76
CROATIA 5.23 7.83 10.44 8.88 13.23 17.75
CYPRUS 9.74 11.15 13.72 16.95 18.37 20.12
CZECH REPUBLIC 6.34 9.75 19.52 12.69 17.08 34.14
FINLAND 13.61 17.77 21.56 23.14 30.21 36.68
FRANCE 15.14 18.37 20.37 27.25 32.17 37.89
GERMANY 13.29 18.62 21.40 22.31 31.94 37.17
GREECE 7.43 8.68 11.78 13.26 15.36 19.22
HUNGARY 3.61 7.00 13.36 7.42 14.36 17.92
IRELAND 18.37 20.98 23.04 33.38 38.12 41.90
ITALY 18.59 21.06 23.54 34.70 38.17 40.76
MONTENEGRO 4.33 5.58 7.43 6.51 8.37 11.15
NETHERLANDS 42.75 48.33 50.81
NORWAY 17.53 25.26 32.26 44.89 53.31 58.23
POLAND 6.23 6.87 10.81 9.16 10.15 16.37
ROMANIA 2.94 3.91 5.21 4.89 6.51 9.77
SLOVAKIA 6.93 12.85 20.00 9.38 16.32 23.67
SPAIN 25.10 25.10 25.65 28.50 29.12 32.34
SWEDEN 22.26 23.00 43.54 45.14
UNITED KINGDOM 12.23 12.62 16.26 15.71 17.08 21.00
NOTES:
The rates within this table are
representative of each country and
cannot be directly compared on a like-
for-like basis.
BASIC RATE: The basic amount paid
to a site operative, based upon figures
promulgated by the national wage
fixing body in the country. In many
cases employers may be paying
above or below the basic rate.
TOTAL BILLING RATE: The gross
hourly cost of employing the site
operative, based upon the standard
working week for the country,
including items such as insurances,
statutory contributions and taxes.
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 9 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
BUILDING LABOR RATES
INTERNATIONAL (except Europe and North America)
BASIC RATE TOTAL BILLING RATE
COUNTRYUNSKILLED
US $ / hour
SEMI-SKILLED
US $ / hour
SKILLED
US $ / hour
UNSKILLED
US $ / hour
SEMI-SKILLED
US $ / hour
SKILLED
US $ / hour
ARGENTINA 2.32 2.51 2.73 4.80 5.21 5.67
CHINA 0.95 1.09 1.45 1.62 1.87 2.48
EGYPT 0.88 1.06 1.25 1.06 1.25 1.42
HONG KONG 8.22 14.04 9.62 16.18
INDIA 0.35 0.37 0.38 0.76 0.79 0.82
INDONESIA 0.70 0.79 0.91 0.98 1.13 1.28
ISRAEL 12.50 13.76 15.01 15.76 17.26 18.75
JAPAN 17.75 21.72 26.29 26.70 32.57 39.47
KENYA 0.94 1.25 1.56 1.25 1.56 1.79
OMAN 0.13 0.23 0.34 0.40 0.53 0.69
SOUTH AFRICA - Durban 9.33 14.16 25.48 13.07 19.84 35.64
SRI LANKA 0.53 0.69 0.84 0.63 0.84 1.00
STATE OF QATAR 1.88 2.01 2.42 2.29 2.56 2.69
TURKEY 4.48 4.92 5.52 5.52 6.56 7.46
UNITED ARAB EMIRATES 3.20 4.01 5.33
NOTES:
The rates within this table are
representative of each country and
cannot be directly compared on a like-
for-like basis.
BASIC RATE: The basic amount paid to
a site operative, based upon figures
promulgated by the national wage fixing
body in the country. In many cases
employers may be paying above or
below the basic rate.
TOTAL BILLING RATE: The gross
hourly cost of employing the site
operative, based upon the standard
working week for the country, including
items such as insurances, statutory
contributions and taxes. The all-in labor
rate for the Middle East includes for the
cost of importing labor and for food and
accommodation.
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 10 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
BUILDING LABOR RATES
NORTH AMERICA
BASIC RATE TOTAL BILLING RATE
COUNTRYUNSKILLED
US $ / hour
SEMI-SKILLED
US $ / hour
SKILLED
US $ / hour
UNSKILLED
US $ / hour
SEMI-SKILLED
US $ / hour
SKILLED
US $ / hour
USA
LOS ANGELES 39.61 44.97 50.31 48.71 55.31 61.89
NEW YORK 50.98 62.74 71.56 73.52 87.23 107.82
SEATTLE 34.56 42.15 46.20 41.81 51.00 55.91
CARIBBEAN
CAYMAN ISLANDS 17.62 24.17 36.90 19.41 25.86 42.16
MEXICO 1.88 3.14 4.71
NOTES:
The rates within this survey are
representative of each country and
cannot be directly compared on a like-
for-like basis.
BASIC RATE: The basic amount paid to
a site operative, based upon figures
promulgated by the national wage fixing
body in the country. In many cases
employers may be paying above or
below the basic rate.
TOTAL BILLING RATE: The gross
hourly cost of employing the site
operative, based upon the standard
working week for the country, including
items such as Federal/State insurance
contributions, other statutory
contributions and taxes, importation of
labor.
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 11 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
BUILDING MATERIALS SUPPLY PRICES
EUROPE
COUNTRYSteel Rebar
High Yield
Structural
Steel
Ordinary
cement
Concrete
(20N/mm2)
Aggregate
all grades
Sand
(coarse)Plaster
Carcassing
timber
Common
bricks
Concrete
blocks (4")Glass (¼")
US $ / tonne US $ / tonne US $ / tonne US $ / cu yd US $ / tonne US $ / tonne US $ / tonne US $ / cu yd US $ / 1000 US $ / sq yd US $ / sq yd
BELGIUM 1,141 2,494 135 74 16 10 256 102
BULGARIA 1,109 1,267 126 52 12 13 266 218 222 9 11
CROATIA 902 1,019 157 51 25 28 261 213 540 25
CYPRUS 885 1,369 81 58 15 15 148 512 347 10
CZECH REPUBLIC 1,342 1,610 137 93 25 34 147 299 21 21
FINLAND 1,328 2,286 156 72 16 16 493 310 643 12 45
FRANCE 805 1,053 229 123 69 75 396 393 545 16 47
GERMANY 1,094 3,178 186 106 22 19 198 324 620 23 21
GREECE 855 1,363 68 57 15 15 137 16
HUNGARY 999 2,253 112 66 25 13 187 198 263 14 31
IRELAND 1,178 1,388 203 74 26 41 349 294 937 9 63
ITALY 1,125 1,549 167 86 57 44 184 207 186 11 36
MONTENEGRO 173 109 28 868 10
NETHERLANDS 1,013 1,549 248 94 21 22 452 360 520 17 37
NORWAY 1,150 2,946 197 94 16 16 267 344 912 31 45
POLAND 670 997 138 66 26 15 295 255 394 21 20
ROMANIA 930 1,611 173 81 9 10 248 161 187 72 37
SLOVAKIA 1,592 2,939 162 101 65 72 510 249 298 15 58
SPAIN 1,424 2,404 147 80 21 21 87 177 167 14 43
SWEDEN 1,341 216 141 15 12 444 790 18
UNITED KINGDOM 1,072 1,336 157 99 47 56 367 365 352 15 28
Unless stated, all rates include for delivery to site & local discounts, but exclude VAT and local taxes
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 12 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
BUILDING MATERIALS SUPPLY PRICES
INTERNATIONAL (except Europe and North America)
COUNTRYSteel Rebar
High Yield
Structural
Steel
Ordinary
cement
Concrete
(20N/mm2)
Aggregate
all grades
Sand
(coarse)Plaster
Carcassing
timber
Common
bricks
Concrete
blocks (4")Glass (¼")
US $ / tonne US $ / tonne US $ / tonne US $ / cu yd US $ / tonne US $ / tonne US $ / tonne US $ / cu yd US $ / 1000 US $ / sq yd US $ / sq yd
ARGENTINA 1,264 2,068 90 66 9 9 267 475 142 9 26
CHINA 759 1,160 48 35 7 10 122 227 81 2 4
EGYPT 709 3,903 79 47 19 4 151 13 62 6 37
HONG KONG 805 66 6 7 6 10
INDIA 855 982 109 56 19 16 79 60 25 12
INDONESIA 855 972 81 38 19 16 34 478 31 2 6
ISRAEL 1,250 2,501 106 47 15 15 7 21
JAPAN 1,167 1,726 100 94 22 26 461 411 761 12 16
KENYA 972 1,946 200 92 22 19 9 7 12
OMAN 116 493 22 13 1 1 56 1 2
SOUTH AFRICA - Durban 963 2,408 112 81 19 15 530 354 154 6 32
SRI LANKA 980 1,516 119 63 16 19 54 4 14
STATE OF QATAR 1,615 4,037 229 175 22 21 22 146
TURKEY 683 703 75 34 7 12 88 16 28
UNITED ARAB EMIRATES 561 2,668 107 85
Unless stated, all rates include for delivery to site & local discounts, but exclude VAT and local taxes
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 13 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
BUILDING MATERIALS SUPPLY PRICES
NORTH AMERICA
COUNTRYSteel Rebar
High Yield
Structural
Steel
Ordinary
cement
Concrete
(20N/mm2)
Aggregate
all grades
Sand
(coarse)Plaster
Carcassing
timber
Common
bricks
Concrete
blocks (4")Glass (¼")
US $ / tonne US $ / tonne US $ / tonne US $ / cu yd US $ / tonne US $ / tonne US $ / tonne US $ / cu yd US $ / 1000 US $ / sq yd US $ / sq yd
USA
LOS ANGELES 1,103 1,166 162 97 16 18 220 154 446 24 70
NEW YORK 1,049 1,078 163 102 25 21 250 165 535 12 77
SEATTLE 1,132 1,232 162 92 15 16 220 154 441 22 70
CARIBBEAN
CAYMAN ISLANDS 1,623 7,173 253 230 48 48 308 15 52
MEXICO 837 1,131 126 101 10 10 467 25
Unless stated, all rates include for delivery to site & local discounts, but exclude VAT and local taxes
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 14 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
EUROPE
COUNTRY 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
BELGIUM 1.1% 0.7% 1.9% 2.5% 3.1% 1.8% 1.2% 2.3% 2.9% 2.5%
BULGARIA 11.3% 4.8% 3.9% 5.6% 4.0% 6.5% 6.5% 12.5% 9.0% 5.5% 6.2%
CROATIA 22.2% 9.1% 9.0% 10.1% 9.2% 9.9% 2.1% 2.9% 6.7% 3.1% 4.0% 2.8% 1.3%
CYPRUS 1.2% 2.0% 2.1% 2.1% 2.3% 3.4% 5.5% 1.3% 2.3% 2.0%
CZECH REPUBLIC 0.3% 1.5% 1.3% -0.8% 2.4% 2.3% 1.7% 2.9% 6.5% 3.1% 4.0% 2.8% 4.1% 2.0% 3.2% 4.4%
FINLAND 0.9% 1.9% 1.8% 2.7% 2.4% 2.3% 1.4% 4.4% 0.2% 2.0% 1.9% 3.5% 2.7% 2.7% 8.3% 4.5% 5.1% 4.3%
FRANCE 4.0% 5.0% 2.2% 1.5% 2.4% 1.0% 0.7% 1.6% 1.4% 2.2% 2.2% 2.1% 1.5% -0.2% 4.4% 1.6% 1.9% 3.5%
GERMANY 1.2% 2.2% 1.7% 1.1% 1.1% 2.1% 2.1% 2.0% 1.8% 1.8%
GREECE 15.0% 27.0% 29.8% 23.0% 18.0% 14.5% 10.5% 9.5% 7.5% 6.0% 5.0% 7.0% 6.0% 6.0% 6.0%
HUNGARY 4.8% 3.6% 1.8% 2.6% 3.4% 3.1% 1.6% 5.6% 4.9% 4.6% 3.5% 3.5% 5.0% 2.5%
IRELAND -0.9% 10.6% 6.4% 3.8% 2.2% 3.1% 1.6% 5.6% 4.9% 4.6% 3.5% 3.5% 3.1% 4.4%
ITALY 2.6% 2.6% 1.7% 2.5% -6.5% 1.7% 0.8% 2.5% 1.6% 8.0% 5.2% 4.9% 2.0% -0.7% -0.7% 4.7% 1.3% 1.9%
NETHERLANDS 1.9% 1.9% 2.1% 2.5% 2.4% 2.2% 2.6% 2.7% 1.8% 2.5% 0.4% 1.2% 2.1% 2.0%
NORWAY 35.4% 32.2% 28.0% 19.5% 15.3% 10.6% -4.5% 2.0% 5.3% 2.6% 0.6% 0.9% 1.6% 2.0% 2.4% 2.4% 1.7%
POLAND 22.8% 60.2% 10.1% 9.0% 7.0% 25.0% 10.0% 7.0%
PORTUGAL 10.0% 8.9% 16.2% 0.0% 10.0% 6.0% 18.0% -3.4% 15.8% 16.7% 20.8% 7.0% -3.5%
ROMANIA 4.5% 5.1% 4.9% 3.1% 3.0% 2.9% 15.0% 10.0% 15.5% -6.3% -3.4% 15.8% 16.7% 20.8% 13.4% 10.0% 11.2%
SLOVAKIA 3.3% 10.8% 1.9% 3.8% 0.0% 1.0% -1.0% 3.0% 1.9% 11.0% 6.3% 5.1% 2.4% 2.4% 7.7% 2.9% 4.9% 3.3%
SPAIN 0.8% 0.8% 2.1% 2.0% 5.9% 7.4% 5.2% 3.3% 2.4% 3.9% 3.7% 3.6%
SWEDEN 3.0% 3.9% 3.7% 2.7% 7.0% 0.0% 9.0% 6.0% 14.2% 3.7% 3.6%
UNITED KINGDOM 1.6% 2.4% 3.5% 2.4% 3.1% 3.4% 1.5% 3.0% 1.8% 1.7% 2.9% 3.0% 2.3% 4.0% 4.3% 2.6% 0.7% 0.8%
INFLATION FORECASTS
RETAIL PRICE INFLATION %
Figures for 2009 to 2010 are forecasts
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 15 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
EUROPE
COUNTRY 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
BELGIUM 2.3% 4.0% 4.0% 4.0% 1.8% 5.3% 4.2% 11.2% 6.1% 7.4%
BULGARIA 11.7% 6.7% 7.7% 6.5% 7.0% 8.4% 6.7% 10.1% 3.6% 4.7% 3.4% 5.3% 2.4% 2.3% 8.0% 15.2% 9.0% 5.5%
CROATIA 17.9% 12.0% 18.3% 3.5% 10.7% 8.4% 2.1% 3.0% 2.0% 0.0% 2.2% 2.7% 2.2%
CYPRUS 1.6% 3.1% 3.7% 2.9% 7.0% 8.4% 6.0% 12.2% 10.9% 5.2% 10.6% 10.1% 6.1% 5.8%
CZECH REPUBLIC -4.4% 15.7% -0.4% -7.4% 9.1% 15.4% 2.1% 3.0% 2.0% 0.1% 2.0% 2.7% 4.1% 2.0% 9.8% 4.4%
FINLAND 2.9% 0.9% 1.8% 2.7% 9.1% 15.4% 9.2% 4.1% 0.2% 1.7% 1.5% -0.2% 2.1% 4.2% 11.2% 4.2% 3.7% 4.0%
FRANCE 8.2% 5.6% 2.4% 2.1% -2.5% 0.0% 2.5% 4.3% 5.6% 1.4% 2.4% 5.9% 2.4% 5.2% 6.4% 5.1% 3.4% 4.6%
GERMANY 0.6% 0.3% 0.3% -0.1% -0.1% 2.1% 1.0% 3.5% 6.1% 6.1%
GREECE 24.3% 30.2% 27.3% 14.0% 19.0% 11.5% 10.0% 9.5% 7.0% 5.0% 5.0% 6.0% 6.0% 6.0% 6.0%
HUNGARY 4.8% 3.6% 1.8% 2.6% 3.4% 3.3% 11.8% 12.6% 4.7% -5.0% -0.6% 5.3% 7.1% 8.1% 6.0% 0.0% 5.0%
IRELAND -0.9% 1.8% 2.0% 2.3% 1.0% 2.8% 11.8% 12.6% 4.7% -5.0% -0.6% 7.8% 3.8% 4.8% -4.3% -6.4% -6.0% -0.9%
ITALY 2.8% 0.9% 1.8% 1.8% 1.5% 3.3% 3.0% 3.0% 2.9% 3.8% 1.8% 4.5% 4.3% 1.6% 2.4% 3.1% 0.8% 0.8%
NETHERLANDS 0.7% 4.1% 3.0% 1.7% 2.0% 3.9% 3.2% 3.7% 6.5% 3.0% 1.3% 3.2% 0.6% 1.8% 6.3% 5.7%
NORWAY 25.0% 19.6% 21.9% 21.1% 14.1% 7.0% 2.7% 4.5% 4.0% 3.4% 2.1% 4.0% 2.9% 4.4% 4.8% 2.8% 1.1% 2.1%
POLAND 18.5% 42.6% 24.2% 39.9% 34.3% 18.6% 9.0% 7.0% 20.0% 12.0% 8.0%
PORTUGAL 20.0% 17.5% 10.0% 10.0% 12.0% 12.1% 3.0% 9.0% 6.0% 17.0% -3.4% 15.0% 16.9% 19.7% 7.1% -3.1% 2.1%
ROMANIA 5.5% 4.3% 3.3% 4.0% -20.2% 2.9% 15.0% 9.0% 15.6% -7.1% -3.4% 15.0% 16.9% 19.7% 7.1% -3.1% 2.1%
SLOVAKIA 3.3% 10.8% 1.9% 3.8% 1.0% 3.0% 1.0% 4.0% 2.9% 11.0% 2.7% 9.6% 3.2% 4.7% 6.7% 4.9% 2.6% 1.9%
SPAIN -2.0% -2.0% 0.0% 2.0% 5.9% 6.5% 6.1% 3.3% 2.4% 3.9% 3.7% 3.6%
SWEDEN 0.0% 3.0% 3.9% 2.8% 2.7% 4.4% 3.4% 6.6% 5.4% 11.7% 2.6% 3.2%
UNITED KINGDOM 1.7% 6.0% 3.5% 3.5% 5.0% 3.5% 2.5% 9.0% 2.8% 3.6% 2.6% 4.2% 4.0% 5.4% 5.1% 1.5% -3.5% -3.0%
INFLATION FORECASTS
BUILDING TENDER PRICE INFLATION %
Figures for 2009 to 2010 are forecasts
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 16 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
INTERNATIONAL (except Europe and North America)
COUNTRY 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
ARGENTINA 0.0% 5.0% 1.9% -0.9% 0.3% 0.7% -0.8% -0.2% -1.0% 38.8% 5.1% 7.7% 11.0% 11.1% 28.9% 26.5%
AUSTRALIA 2.4% 2.1% 4.7% 1.2% 0.8% 0.8% 2.0% 5.9% 3.7% 2.7% 2.6% 1.7% 3.3% 2.4% 2.4% 3.1%
BRAZIL
CHINA 1.8% -1.5% -1.3%
EGYPT 10.0% 9.9% 9.0% 8.0% 25.0% 10.0% 26.0% 30.0% 2.7%
HONG KONG 10.8% 9.8% 8.2% 7.0% 5.0% -1.9% -3.9% -2.0% -3.1% -3.2% -2.2% 0.0% 2.2%
INDIA 15.0% 3.1% 6.0% 7.5% 6.9% 3.9% 6.9% 8.5% 6.3% 19.0% 15.9% 4.5% 22.1%
INDONESIA 4.9% 5.0% 3.9% 3.4% 6.9% 74.4% 1.8% 5.9% 10.0% 6.8% 18.0% 15.0% 8.0% 9.8%
ISRAEL 11.2% 14.4% 8.1% 10.6% 7.0% 8.6% 1.3% 1.3% 0.1% 5.4% -1.9% 1.2% 2.3% -0.1% 3.4% 4.4% 2.0% 2.8%
JAPAN 0.6% -1.1% 0.8% -1.6% -0.6% -3.5% -2.7% -0.9% -1.9% -0.4% -4.4% 11.1% 10.0% 3.4% 3.3%
KENYA
LEBANON 3.0% 3.4% 2.7% 4.1% 4.4% 5.8% -0.5% -2.5% 2.5%
MALAYSIA 1.5%
NEW ZEALAND 2.2% 0.9% 2.9% 2.6% 0.0% 2.1% 2.4% 2.4%
OMAN 15.0% 17.4% 11.1% 16.7%
PHILIPPINES 5.3% 10.2% 5.7%
SAUDI ARABIA 0.8% 0.6% 5.0% 0.9% 2.0% 0.5% 1.5% 1.9% 1.9% 0.9% 2.8% 5.4% 1.7% 1.7%
SINGAPORE 2.3% -1.4% 0.9% 1.7%
SOUTH AFRICA 6.0% 4.0% 4.1%
SRI LANKA 29.9% 12.0% 24.1% 12.2% -1.3%
TAIWAN -5.9% -4.8% 2.0% -0.5% 5.0% 0.6% 0.6% -1.6% -1.1% -0.3%
THAILAND 7.0% 5.8% 2.3%
UNITED ARAB EMIRATES -4.3% 0.0% 4.5% 0.0% 4.3% 8.3% 0.0% -3.8% 0.0% 0.0%
RETAIL PRICE INFLATION %
INFLATION FORECASTS
Figures for 2009 to 2010 are forecasts
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 17 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
COUNTRY 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
ARGENTINA 0.0% 2.2% 0.8% -5.0% 1.8% 0.1% 0.1% 1.8% 0.8% 69.3% 21.2% 25.0% 10.0% 23.6% 21.8% 18.4%
AUSTRALIA 2.8% 2.9% 2.1% 3.1% 5.9% 7.2% 3.0% 4.9% 2.8% 8.1% 5.0% 4.0% 3.1% 3.0% 3.6% 4.2%
BRAZIL 7.0% 12.1% 15.0% 15.9% 13.1% 6.1% 6.3% 4.4%
CHINA 0.0% -0.1% -1.5% -2.5% -2.1% -1.2% -0.2% 0.6% 0.0% 0.9% 0.1% 0.2% -4.9% 0.3% 7.5%
EGYPT 4.5% 6.1% 5.7% 5.4% 5.1% 4.9% 3.3% 10.0% 10.0% 9.1% 7.6% 25.4% 10.1% 26.0% 30.0% 2.5%
HONG KONG 5.3% 13.0% 12.4% 10.2% 19.0% -7.6% -4.5% -12.0% -8.0% -8.6% 2.7% 2.6% 2.6% 5.0% 11.9% 13.8%
INDIA 8.0% 11.2% 8.1% 4.5% 4.5% 5.8% 3.5% 9.0% 7.2% 6.8% 3.8% 6.7% 8.3% 6.2% 18.6% 15.7% 13.6% 11.9%
INDONESIA 4.7% 1.4% 2.1% 2.3% 10.0% 48.5% 13.8% 12.1%
ISRAEL 7.9% 11.6% 8.9% 8.1% 8.3% 5.8% 2.5% 2.0% 1.0% 1.6% 2.4% 4.9% 5.9% 3.5% 3.1% 3.3% 1.8% 3.3%
JAPAN -3.7% -4.9% -2.7% -1.3% 3.5% -2.2% -1.5% -1.4% -1.0% -1.4% 3.5% 1.9% -2.9% 2.0% 2.3%
KENYA 14.3% 25.0% 10.0% 3.1% 10.0% 13.6% 12.0% 7.1% 6.7% 3.1% 6.1% 2.9% 11.1%
LEBANON 3.3% 3.7% 2.9% 3.3% 4.8% 29.4% -4.5% 2.7% 2.5%
MALAYSIA 3.4% 3.0% 2.0% 0.9% 3.2% 0.4% 4.0% 1.6% -1.5% 3.8% 2.6% 9.1%
NEW ZEALAND 3.0% 2.1% 3.1% 0.6% 0.0% -0.4% 0.6% 0.9% 2.1% 1.6% 1.1% 10.0% 3.1% 5.8% 4.4% 5.2%
OMAN 25.0% 20.0% 16.7% 14.3% 12.0%
SINGAPORE -2.0% 0.0% 5.2% 8.9% -9.1% -7.0% -10.8% -1.2% 0.0% 2.4% 6.0% 3.4%
SOUTH AFRICA 8.3% 8.4% 6.8% 5.7% 6.2% 7.2% 4.1% 5.1% 6.1% 14.6% 2.5% 18.1% 14.3% 6.8% 7.7% 17.5% 17.5%
SRI LANKA 18.0% -5.1% 7.2% 5.0% 4.8% 0.0% 12.1% 32.4% 7.5% 19.2% 19.5%
TAIWAN 0.4% -0.9% 1.8% -1.8% 1.2% -0.3% 1.1% -1.0% -0.9% -0.4%
THAILAND 5.2% 17.8% 5.0% 0.8% 7.9% 5.9% -14.6% 7.3% 10.6% -3.4% 7.1% 7.3%
QATAR
TURKEY
INFLATION FORECASTS
BUILDING TENDER PRICE INFLATION %
Figures for 2009 to 2010 are forecasts
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 18 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
NORTH AMERICA
COUNTRY 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
USA 4.2% 2.7% 2.3% 2.1% 2.9% 4.5% 2.3% 2.6% 1.6% 2.2% 2.8% 3.5% 2.2% 3.6% 2.8%
LOS ANGELES 2.9% 0.6% 2.9% 2.8% 3.6% 1.8% 3.4% 3.3%
NEW YORK 3.0% 1.0% 2.9% 2.8% 3.6% 1.8% 3.4% 3.3% 5.6%
SEATTLE 2.9% 0.6% 2.9% 2.8% 3.6% 1.8% 3.4% 3.3% 0.8%
MEXICO 4.0% 3.6% 4.0% 5.6%
INFLATION FORECASTS
RETAIL PRICE INFLATION %
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 19 January 2009
INTERNATIONAL CONSTRUCTION COST SURVEY
COUNTRY 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
USA
BOSTON 1.9% 1.8% 4.5% 2.6% 5.0% 5.6% 8.3% 7.0% -2.0% -7.6% 3.1% 11.0% 8.1% 11.7% 7.5% 5.6%
HAWAII 1.3% 2.1% 3.2% 5.2% 3.4% 3.1% 2.9% 3.1%
LAS VEGAS 3.3% 3.0% 1.9% 1.6% 2.4% 4.9% 2.8% 2.8%
LOS ANGELES 1.6% 3.0% 1.6% 1.2% 2.2% 5.1% 4.3% 3.0% 0.0% 2.9% 1.9% 6.5% 8.7% 13.6% 2.1% 2.8% 0.6% 2.0%
NEW YORK 2.4% 3.1% 2.8% 4.2% 6.6% 8.2% 7.0% -1.8% 2.0% 3.0% 11.0% 8.1% 11.5% 7.5% 6.9% 0.6% 4.5%
PHEONIX 2.9% 2.8% 2.7% 2.6% 2.6% 8.3% 3.1% 3.0%
PORTLAND 2.8% 2.8% 6.2% 0.0% 5.9% 7.9% 1.4% 2.8%
SAN FRANCISCO 2.9% 2.8% 2.7% 2.6% 2.6% 8.3% 4.7% 4.5% 1.2%
SEATTLE 2.8% 2.8% 3.6% 2.6% 5.9% 3.0% 3.7% 2.0% 1.0% 1.0% 4.8% 9.2% 6.7% 5.5% 3.0% 3.6% 0.0% 1.4%
MEXICO 6.8% 5.6% 5.6% 5.4% 5.1% 6.5% 10.5% 9.5% 8.6%
INFLATION FORECASTS
BUILDING TENDER PRICE INFLATION %
Figures for 2009 to 2010 are forecasts
To be read in conjunction with the KEY DATA section
Gardiner & Theobald LLP 20 January 2009