The construction cost index recorded an annual growth of 78.52 percent.

SHAFAQNA TURKEY – The Turkish Statistical Institute has released the construction cost index data for January.

Accordingly, in January the index rose by 15.32 percent compared to the previous month and by 78.52 percent year on year.

On a monthly basis, the material index increased by 5.79 percent, while the labor index increased by 47.79 percent. On an annualized basis, the material index increased by 69.01 percent, while the labor index increased by 106.95 percent.

The building construction cost index in January increased by 15.58 percent compared to the previous month and by 79.49 percent compared to the same month of the previous year. Compared with the previous month, the material index increased by 5.61 percent, while the labor index increased by 48.48 percent. In addition, the material index increased by 69.87 percent and the labor index increased by 107.04 percent compared to the same month of the previous year.

The non-construction construction cost index in January increased by 14.45 percent compared to the previous month and by 75.36 percent compared to the same month of the previous year. Compared to December 2022, the material index increased by 6.37 percent, while the labor index increased by 45.26 percent. In addition, compared with the same month of the previous year, an increase in the material index by 66.34 percent and the labor index by 106.63 percent was recorded.