ANALYSIS OF BUILDING MATERIALS PRICE TRENDS AND BUILDING DEVELOPMENT IN SOUTH EAST NIGERIA (2000-2022)
Keywords:
Building Development, Building Materials, Trends in price of building materials, reinforcement barss, cements and graniteAbstract
This study focused on analyzing the trend in price of building materials and building development in South East Nigeria within the time frame of 2000-2022. The study was guided by the following objectives; to examine the trend of price of building materials within 2000-2022 in South East Nigeria; to identify the factors responsible for price increase of building materials in South East Nigeria. Research design includes the practical procedures adopted for accessing the subjects of the study. It is a broad plan of how the researcher intends to go about answering the research questions. The researcher will use both ex-post facto research design and descriptive survey research design for this study. The population of the study includes sixty six (66) registered builders, Seventy one (71) registered quantity surveyors, one hundred and two (102) Architects, sixty (60) civil engineers and forty five (45) structural engineers. The total population of the study will be summed up to 344. The findings of the study reveals that the factors that leads to increasing trend in the cost of building materials ranges from exchange rate fluctuation, high rate of inflation, high rate of interest rate, fluctuation in the cost of building materials, inadequate production of raw materials, supply and demand of building materials, supply default, improper planning, force majeure, weather conditions, government policies and environmental hazard. More so, the study reveals that the price of selected building materials such as sharp sand, cement, 3 inches bag of nails, water 1000kg, timber, 6 inches solid block, 9 inches solid block, 12mm reinforcement, 10mm reinforcement, 8mm reinforcement, 16mm reinforcement, binding wire, 25mm steel rods, pvc steel rods, 30x30 pack of ceramic tiles keeps increasing overtime. The study recommends that there is need for relevant authorities in the building industry to examining the possible ways to reduce the increasing cost of building materials so as to enhances the building construction industry in Nigeria.
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