Annual increase in construction costs continues to slow
ISTANBUL
The annual increase in the headline construction cost index slowed for a ninth month in a row in February.
The index showed a 23.9 percent year-on-year rise in the month, easing from 26.6 percent in January, according to data from the Turkish Statistical Institute (TÜİK).
The monthly increase in the cost index slowed sharply from 9.1 percent in January to 1.24 percent in February.
Labor costs were unchanged compared to January, while the year-on-year increase was 32.3 percent.
The index of construction materials rose by 1.99 percent monthly for an annualized increase of 19.5 percent.
Data from TÜİK also showed that the building construction cost index increased by 1.13 percent compared with the previous month and rose by 24.44 percent compared with the same month of the previous year.
The building material cost index was up 1.97 percent month-on-month and 20.4 percent year-on-year.
