Lowest cost inflation in construction in 33 months

The recovery in construction cost inflation after the upward momentum seen after the earthquake continued in July.

According to the Turkish Statistical Institute (TurkStat), the construction cost index increased by 46.35 percent in July compared to the same period of the previous year. This was the lowest annual increase since October.

On a monthly basis, an upward movement, albeit moderate, was noteworthy. The monthly increase was 1.91 percent in July. In June, the monthly increase had remained at 0.40 percent.

Compared to the previous month, the material index increased by 2.12 percent, while the labor index rose by 1.49 percent. In addition, compared to the same month of the previous year, the material index increased by 41.01 percent, while the labor index increased by 58.40 percent.

Building construction cost index increased by 1.53 percent compared to the previous month and increased by 46.78 percent compared to the same month of the previous year. Compared to the previous month, the material index increased by 1.69 percent, while the labor index increased by 1.24 percent. In addition, compared to the same month of the previous year, the material index increased by 41.82 percent, while the labor index increased by 57.38 percent.

The construction cost index for non-building structures increased by 3.14 percent compared to the previous month and increased by 45.01 percent compared to the same month of the previous year. Compared to the previous month, the material index increased by 3.47 percent, while the labor index increased by 2.40 percent. In addition, compared to the same month of the previous year, the material index increased by 38.58 percent, the labor index increased by 62.18 percent.