Construction Cost Index Up By 13%

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22.Jun .2022 17:00

Construction Cost Index Up By 13%

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Author:Natia Taktakishvili

In the first quarter of 2022, the Construction Cost Index (CCI) decreased by 2.3% compared to the previous quarter, - show the preliminary data from the National Statistics Office of Georgia (Geostat).

As of the report, compared to the first quarter of 2021 the CCI increased by 12.8%. The latter was largely caused by the 13.6 percent increase in the prices for construction materials, which contributed 8.12 percentage points to the annual index change.

According to Geostat, the growth of the Construction Cost Index was influenced by the following factors:

Construction materials - 13.6% increase in prices, contribution to the index - 8.12 percentage points;
Wages - increase of 12.5%, contribution to the index - 2.78 percentage points;
Machinery - increase of 14.2%, contribution to the index - 0.71 percentage points;
Transportation, fuel, electricity - increase of 7.8%, contribution to the index - 0.10 percentage points;
Other expenses - increase of 13.2%, contribution to the index - 1.10 percentage points.

Geostat Construction Cost Index