The spiraling increase in housing construction costs in Nigeria has been adduced to various factors such as the high cost of production and of building materials.

The study sets to find out if there is any significant relationship between housing construction costs and economic factors proposed in the study as leading indicators of future levels of housing construction costs. It also sought to construct a model from the economic factors for use as predictors of future levels of housing construction costs. Literature was reviewed to aid the direction of the study.

Data analyzed with the use of Pearson Product Moment Correlation and Multiple Regression Analysis was annual based over a fifteen-year period. The study revealed that future levels of housing construction cost in Nigeria could be predicted from future estimated levels of labor costs among other findings.