Construction Costs Slow to Lowest Rate Since Pandemic

Tradesmen can be seen working on the roof of a house under construction at a housing development located in the western Sydney suburb of Oran Park in Australia on Oct. 21, 2017. David Gray/Reuters

Rising construction costs have slowed for the first time in two years as a drop in new home builds eases demand for materials and labour.

The cost of building a home or renovating recorded its lowest average increase last month since September 2020, with potential knock-on effects for the housing market and inflation.