Construction costs increased by 78.52% in January

The Turkish Statistical Institute (TUIK) announced the construction cost index for January 2023.

Thus, the construction cost index increased 15.32 percent in January 2023 with respect to the previous month and 78.52 percent with respect to the same month of the previous year.

The huge monthly increase drew attention. In December 2022, the increase was 1.44 percent compared to the previous month.

Compared with the previous month, the material index increased 5.79 percent and the labor index increased 47.79 percent. In addition, the material index increased by 69.01 percent and the labor index increased by 106.95 percent compared to the same month of the previous year.

THE INCREASE IN LABOR COSTS EXCEEDED 100 PERCENT

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

The non-building structure construction cost index increased 14.45 percent from the previous month and 75.36 percent from the same month of the prior year. Compared with the previous month, the material index increased 6.37 percent and the labor index increased 45.26 percent. In addition, the material index increased by 66.34 percent and the labor index increased by 106.63 percent with respect to the same month of the previous year.