Construction costs increased by 62.25 percent in July

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

Consequently, the construction cost index increased by 15.67 percent in July 2023 compared to the previous month and 62.25 percent compared to the same month of the previous year.

Compared with the previous month, the material index increased by 9.76 percent and the labor index increased by 31.66 percent. In addition, the material index increased by 47.01 percent and the labor index increased by 111.68 percent compared to the same month of the previous year.

THE INCREASE IN LABOR COSTS IS 111 PERCENT

The building construction cost index increased by 14.68 percent compared to the previous month and 62.55 percent compared to the same month last year. Compared with the previous month, the material index increased by 8.18 percent and the labor index increased by 31.62 percent. In addition, the material index increased by 46.64 percent and the labor index increased by 111.74 percent compared to the same month of the previous year.

The construction cost index for non-building structures increased by 18.96 percent compared to the previous month and 61.31 percent compared to the same month of the previous year. Compared with the previous month, the material index increased by 14.76 percent and the labor index increased by 31.83 percent. In addition, the material index increased by 48.15 percent and the labor index increased by 111.47 percent compared to the same month of the previous year.