New Housing: Construction Costs Increase by 2.7%

7 January 2019

Construction costs for new housing increased by 2.7% in November, compared to the same month in the year before and 0.6 percentage points higher than in October, the National Statistics Institute (INE) said today.

The price of materials increased by 1.3%, less than the 1.4% increase in the previous month, while the cost of labour rose from 1.5% to 4.7%.

The cost of labour was the most significant factor in the formation of the annual rate of change of the New Housing Construction Costs Index (ICCHN) in November (1.9%). The cost of materials had a smaller contribution (0.8%).

The monthly rate of change of the ICCHN stood at 0.8% in November, with material costs increasing by 2.1% and labour declining by 0.1%, resulting in contributions of 0.8% and 0%, respectively, for the monthly change in the index.

Original Story: Lusa / Diário Imobiliário

Translation: Richard Turner

29