Unstoppable rise in construction costs: Annual increase at 67.31%!

The Turkish Statistical Institute (TÜİK) has announced the Construction Cost Index for December 2023. Accordingly, the construction cost index increased by 1.94% in December compared to the previous month. Compared to the same period last year, there was an increase of 67.31%. While the material index increased by 2.05% compared to the previous month, the labor index rose by 1.67%. Compared to the same month of the previous year, the material index increased by 54.26% and the labor index by 111.83%.

The building construction cost index increased by 66.42% on an annual basis and by 2.20% on a monthly basis. While the material index showed an increase of 2.46% compared to the previous month, the labor index rose by 1.58%. Compared to the same period last year, the material index increased by 52.72% and the labor index by 111.62%.

The construction cost index for non-building structures showed an increase of 70.28% on an annual basis and rose by 1.13% on a monthly basis. While the material index increased by 0.83% compared to the previous month, the labor index experienced an increase of 2.00%. Compared to the same period last year, the material index increased by 59.18% and the labor index by 112.63%.

News Source: İHA