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Rising Construction Costs Impact Industry | General News

Construction Costs on the Rise: Annual Increase Reaches 67.31%

The construction cost index has shown a significant increase in December 2023, with a rise of 1.94% compared to the previous month and a staggering 67.31% compared to the same month of the previous year.

The material index saw an increase of 2.05% compared to the previous month, while the labor index increased by 1.67%. On an annual basis, the material index increased by 54.26% and the labor index by 111.83%.

In the building construction sector, the cost index increased by 2.20% monthly and 66.42% annually. This was reflected in a 2.46% rise in the material index and a 1.58% increase in the labor index compared to the previous month. Annually, the material and labor indices rose by 52.72% and 111.62% respectively.

Meanwhile, the construction cost index for non-building structures also witnessed a 1.13% increase monthly and a 70.28% increase annually. The material and labor indices increased by 0.83% and 2.00% compared to the previous month, and by 59.18% and 112.63% compared to the same month of the previous year.

These significant increases in construction costs are likely to have wide-reaching effects on the industry and the economy as a whole, as construction projects become more expensive to undertake. This could potentially lead to changes in pricing and investment strategies within the sector. It remains to be seen how this will impact future construction projects and the overall economy.

 

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