The Turkish Statistical Institute released a statement on Wednesday revealing a significant increase in the construction cost index (CCI).

The CCI saw an annual increase of 71.80% and a monthly increase of 2.12% in April 2024.

The material index rose by 2.71% compared to the previous month, while the labour index saw a smaller increase of 0.99%. When compared to the same month of the previous year, the material index and labour index increased by 57.21% and 109.73% respectively.

The building construction cost index also saw a substantial rise, with an annual increase of 70.50% and a monthly increase of 2.14%. The material index for this sector increased by 2.77% compared to the previous month, while the labour index increased by 0.99%. Year-on-year, the material index and labour index increased by 55.12% and 109.13% respectively.

In the field of civil engineering, the construction cost index increased by 76.18% annually and 2.05% monthly. The material index increased by 2.52% compared to the previous month, and the labour index increased by 1.01%. Compared to the previous year, the material index and labour index increased by 63.94% and 111.96% respectively.

These figures highlight the rapid growth in construction costs across the board, impacting both building construction and civil engineering sectors. The Turkish Statistical Institute continues to monitor these trends closely. (ILKHA)