Construction costs increased 68 percent year-over-year in September

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

Consequently, the construction cost index increased by 2.46 percent in September 2023 compared to the previous month and 67.93 percent compared to the same month of the previous year.

Compared with the previous month, the material index increased by 3.39 percent and the labor index increased by 0.30 percent. In addition, the material index increased by 54.15 percent and the labor index increased by 114.05 percent compared to the same month of the previous year.

LABOR AND MATERIALS TAKE THE TOP

The building construction cost index increased by 2.47 percent compared to the previous month and 66.08 percent compared to the same month last year.

Compared with the previous month, the material index increased by 3.49 percent and the labor index increased by 0.21 percent.

In addition, the material index increased by 51.26 percent and the labor index increased by 113.93 percent compared to the same month of the previous year.

The construction cost index for non-building structures increased by 2.44 percent compared to the previous month and 73.97 percent compared to the same month last year.

Compared with the previous month, the material index increased by 3.09 percent and the labor index increased by 0.61 percent. In addition, the material index increased by 63.27 percent and the labor index increased by 114.50 percent compared to the same month of the previous year.