Economy in Turkey: Construction costs increase by 68 percent on annual basis in September

November 10, 2023 BTT

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According to the Turkish Statistical Institute (TÜİK), the construction cost index increased by 2.46% in September 2023 compared to the previous month and rose by 67.93% compared to the same month of the previous year.

TÜİK announced the Construction Cost Index for September 2023. Accordingly, the construction cost index increased by 2.46% in September 2023 compared to the previous month and rose by 67.93% compared to the same month of the previous year.

Compared to the previous month, the material index increased by 3.39%, and the labor index increased by 0.30%. Also, compared to the same month of the previous year, the material index increased by 54.15%, and the labor index increased by 114.05%.

Labor and Material Costs Lead

The building construction cost index increased by 2.47% compared to the previous month and rose by 66.08% compared to the same month of the previous year.

Compared to the previous month, the material index increased by 3.49%, and the labor index increased by 0.21%. Moreover, compared to the same month of the previous year, the material index increased by 51.26%, and the labor index increased by 113.93%.

For non-building structures, the construction cost index increased by 2.44% compared to the previous month and rose by 73.97% compared to the same month of the previous year.