New Housing Construction Costs up 8.5% in November

The increase was 1.2 percentage points higher than in the previous month.

According to the New Housing Construction Cost Index, released today by the National Institute of Statistics, construction costs increased by 8.5% year on year. They are estimated to have increased by 1.2 percentage points over the previous month in November.

The INE also noted that the price of materials and labour costs were, respectively, up 9.4% and 7.3% year-on-year. Material prices accelerated to 9.4% (8.9% in the previous month), while the cost of labour increased by 7.3% (5.2% in October).

The cost of materials contributed 5.4 percentage points to the New Housing Construction Costs Index (5.1 p.p. in October), while labour added 3.1 p.p. (2.2 p.p. in the previous month).