Construction costs are alarming! Up by 41.54 percent
According to the Construction Cost Index data for August 2024 released by the Turkish Statistical Institute, construction costs increased by 1.18 percent on a monthly basis and 41.54 percent on an annual basis in August. The labor index also recorded an increase of 56.86 percent.
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The construction cost index increased by 1.18 percent on a monthly basis and 41.54 percent on an annual basis in August. The Turkish Statistical Institute announced the construction cost index data for August. Accordingly, the index rose by 1.18 percent compared to the previous month and by 41.54 percent compared to the same month of the previous year.
LABOR COSTS INCREASED BY 56.86 PERCENT
On a monthly basis, the material index increased by 1.3 percent and the labor index by 0.93 percent. On an annual basis, the material index recorded an increase of 34.98 percent, and the labor index recorded an increase of 56.86 percent.
The building construction cost index rose by 1.38 percent on a monthly basis and 42.95 percent on an annual basis. On a monthly basis, the material index increased by 1.65 percent and the labor index by 0.86 percent.
On an annual basis, the material index rose by 37.1 percent and the labor index by 55.88 percent. The construction cost index for non-building structures recorded an increase of 0.52 percent on a monthly basis and 37.13 percent on an annual basis.
MATERIAL INDEX ROSE COMPARED TO LAST YEAR
Compared to the previous month, there was an increase of 0.23 percent in the material index and 1.2 percent in the labor index.
Compared to the same month of the previous year, an increase of 28.83 percent in the material index and 60.49 percent in the labor index was recorded.