TÜİK releases data: Material and labor costs have risen
TÜİK has released the construction cost index for February. According to the data released by TÜİK, there was a monthly increase of 1.24 percent and an annual increase of 23.94 percent. Labor costs rose by 31.68 percent on an annual basis, while material costs increased by 20.43 percent.
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The Turkish Statistical Institute (TÜİK) has released the construction cost index data for February. Accordingly, the index rose by 1.24 percent in February compared to the previous month and by 23.94 percent compared to the same month of the previous year.
ANNUAL INCREASE IN LABOR INDEX
On a monthly basis, the material index increased by 1.99 percent, while the labor index decreased by 0.02 percent. On an annual basis, the material index showed an increase of 19.49 percent, and the labor index showed an increase of 32.38 percent.
The building construction cost index recorded an increase of 1.13 percent in February compared to the previous month and 24.44 percent compared to the same month of the previous year. Compared to the previous month, the material index increased by 1.97 percent, while the labor index decreased by 0.23 percent. Furthermore, compared to the same month of the previous year, the material index rose by 20.43 percent and the labor index by 31.68 percent.
The construction cost index for non-building structures showed an increase of 1.59 percent in February compared to the previous month and 22.34 percent compared to the same month of the previous year.
In these structures, the material index rose by 2.04 percent and the labor index by 0.74 percent compared to the previous month. Compared to the same month of the previous year, the material index recorded an increase of 16.64 percent and the labor index an increase of 34.97 percent.