Construction costs announced: Increased by 66 percent in one year, labor costs doubled
Construction costs for June have been announced. While construction costs increased by 65.78 percent on an annual basis, the monthly increase was recorded at 0.36 percent. The highest annual increase occurred in labor costs at 105 percent.
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The Turkish Statistical Institute (TÜİK) has announced the Construction Cost Index for June. Accordingly, the construction cost index increased by 0.40 percent in June 2024 compared to the previous month, and by 66.12 percent compared to the same month of the previous year.
Compared to the previous month, the material index increased by 1.01 percent, while the labor index decreased by 0.80 percent. Furthermore, compared to the same month of the previous year, the material index increased by 51.55 percent, and the labor index increased by 105.50 percent.
104 PERCENT INCREASE IN LABOR INDEX
The building construction cost index increased by 0.36 percent compared to the previous month and by 65.78 percent compared to the same month of the previous year. Compared to the previous month, the material index increased by 1.06 percent, while the labor index decreased by 0.96 percent. Furthermore, compared to the same month of the previous year, the material index increased by 50.87 percent, and the labor index increased by 104.61 percent.
The construction cost index for non-building structures increased by 0.52 percent compared to the previous month and by 67.24 percent compared to the same month of the previous year. Compared to the previous month, the material index increased by 0.85 percent, while the labor index decreased by 0.22 percent. Furthermore, compared to the same month of the previous year, the material index increased by 53.70 percent, and the labor index increased by 108.78 percent.