In 2Q2022 the Construction Cost Index (CCI) increased by 7.2% compared to the previous quarter. The change was mainly due to a 16.4% increase in average monthly nominal wages of employees in the construction sector, which contributed 4.36 percentage points to the total index change, - according to the preliminary data published by the National Statistics Office of Georgia (Geostat).
As of the document, compared to the second quarter of 2021 the CCI increased by 11.7%. The latter was largely caused by the 11.8% increase in the prices for construction materials, which contributed 6.74 percentage points to the annual index change.
Geostat calculates the construction cost index from the first quarter of 2020. The index is one of the means of forecasting real estate prices.
