Construction costs at 14-month high

The Turkish Statistical Institute has announced the construction cost index data for May.

Accordingly, the index rose by 1.11 percent compared to the previous month and by 72.78 percent compared to the same month of the previous year in May.

On a monthly basis, the material index increased by 1.25 percent and the labor index by 0.84 percent. On an annual basis, the material index recorded an increase of 58.75 percent, while the labor index rose by 108.93 percent.

Thus, the Construction Cost Index exceeded 72 percent for the first time since February 2023.

The building construction cost index showed an increase of 1.36 percent on a monthly basis and 71.51 percent on an annual basis. On a monthly basis, an increase of 1.69 percent was observed in the material index and 0.75 percent in the labor index. On an annual basis, the material index rose by 56.8 percent and the labor index by 108.25 percent.

The construction cost index for non-building structures increased by 0.3 percent on a monthly basis and 77.1 percent on an annual basis. Compared to the previous month, while the material index decreased by 0.08 percent, an increase of 1.17 percent was recorded in the labor index. Compared to the same month of the previous year, an increase of 65.09 percent was observed in the material index and 111.44 percent in the labor index.

News Source: 12punto