According to the National Statistics Institute’s New Housing Construction Costs Index (ICCHN), construction costs for new housing increased by 7.1% year-on-year in September, up 0.4 percentage points from August.
The analysis added that the materials prices and labour costs rose by 8.9% (8.7% in the previous month) and 4.6% (4.0% in August) respectively year-on-year.
Labour costs contributed 2.0 p.p. to the ICCHN, while materials contributed 5.1%.
The monthly increase in the New Housing Construction Cost Index stood at 0.1% in September. The cost of materials decreased by 0.2%, and the cost of labour increased 0.5%.
According to INE, the labour and materials components contributed 0.2 and -0.1 p.p. respectively to the index for the month.