The price of materials and the cost of labour increased by 8.8% and 5.4%, respectively.
According to the New Housing Construction Costs Index for (ICCHN) released today by the National Statistics Office, overall construction costs grew by 7.4% year-on-year.
They are estimated to have increased by 0.6 percentage points (p.p.) in October over the previous month. The prices of materials and the cost of labour were 8.8% and 5.4%, respectively, higher than the same period of the last year.
In October, the estimated year-on-year change in the index was 7.4%, up 0.6 p.p. on September. According to the INE, material prices increased to 8.8% (8.3% in the previous month), and the labour costs accelerated by 5.4% (4.7% in September).
The analysis also noted that labour costs contributed 2.3% to the increase in the ICCHN and the materials component contributed 5.1%.
As regards the quarter-on-quarter change, the monthly rate of change of the ICCHN was 0.8% in October. The cost of materials and labour rose by 0.9% and 0.6%, respectively. The labour and material components contributed 0.3 and 0.5 p.p. respectively to the monthly increase of the New Housing Construction Costs Index.
