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New Housing Construction Costs Increased in December

9 February 2021

According to data provided by Portugal’s National Statistics Institute (INE), the price of construction materials and labour increased by 1.7% and 2.9% y-o-y, respectively.

New housing construction costs rose 2.2% in December, up 0.5 percentage points from the previous month, as evidenced by the INE’s New Housing Construction Costs Index (ICCHN), which was published yesterday. For the year 2020 as a whole, the index reported an annual increase of 2.1%, 0.2 percentage points lower than in 2019.

The cost of materials rose by 0.6%, and the cost of labour fell by 0.8%. “Labour and material components contributed -0.3 and 0.3 percentage points respectively to the formation of the monthly rate of change of the ICCHN”, the reported stated.

Original Story: Jornal Económico – Inês Pinto Miguel

Translation: Richard Turner