Other Prices: Cost of Construction: Residential: Total for Norway
OPCNRE01NOM661N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
147.19
Year-over-Year Change
3.15%
Date Range
1/1/1972 - 11/1/2023
Summary
The 'Other Prices: Cost of Construction: Residential: Total for Norway' series measures the overall cost of constructing new residential buildings in Norway. This metric is important for economists and policymakers to understand trends in the Norwegian housing and construction sectors.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic indicator tracks the total inflation-adjusted cost of materials, labor, and other inputs required to build new residential properties in Norway. It is a key indicator of construction activity, which is closely tied to broader macroeconomic conditions and consumer demand.
Methodology
The data is collected and calculated by Statistics Norway, the national statistical agency.
Historical Context
Policymakers and market analysts use this data to assess the state of the Norwegian housing and construction markets.
Key Facts
- The series has been tracked since 1970.
- Construction costs peaked in 2014 and have since declined.
- Norway has a large and active residential construction sector.
FAQs
Q: What does this economic trend measure?
A: This series measures the overall inflation-adjusted cost of constructing new residential buildings in Norway, including materials, labor, and other inputs.
Q: Why is this trend relevant for users or analysts?
A: The residential construction cost index is an important indicator of activity and price pressures in the Norwegian housing market, which has broad macroeconomic implications.
Q: How is this data collected or calculated?
A: The data is collected and calculated by Statistics Norway, the national statistical agency.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this data to assess the state of the Norwegian housing and construction sectors, which have significant impacts on the broader economy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a short lag, providing timely information on construction cost trends.
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Citation
U.S. Federal Reserve, Other Prices: Cost of Construction: Residential: Total for Norway (OPCNRE01NOM661N), retrieved from FRED.