Construction costs increased by 66.46 percent in August

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

Consequently, the construction cost index increased by 4.62 percent in August 2023 compared to the previous month and 66.46 percent compared to the same month of the previous year.

Compared with the previous month, the material index increased by 5.82 percent and the labor index increased by 1.92 percent. In addition, the material index increased by 52.18 percent and the labor index increased by 113.27 percent compared to the same month of the previous year.

LABOR COST INCREASED BY 113 PERCENT

The building construction cost index increased by 4.09 percent compared to the previous month and 65.48 percent compared to the same month last year. Compared with the previous month, the material index increased by 5.15 percent and the labor index increased by 1.83 percent. In addition, the material index increased by 50.28 percent and the labor index increased by 113.11 percent compared to the same month of the previous year.

The construction cost index for non-building structures increased by 6.30 percent compared to the previous month and 69.61 percent compared to the same month last year. Compared with the previous month, the material index increased by 7.81 percent and the labor index increased by 2.26 percent. In addition, the material index increased by 57.99 percent and the labor index increased by 113.85 percent compared to the same month of the previous year.