25.Jun .2021 14:30

Why Was Construction Cost Index Increased In Q1?

Why Was Construction Cost Index Increased In Q1?
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Compared to the first quarter of 2020 the Construction Cost Index (CCI) increased by 8.7 percent, - show preliminary data from the Statistics Office of Georgia (Geostat).

According to Geostat, the latter was largely caused by the 15.9% increase in the prices for construction materials, which contributed 9.16 percentage points to the annual index change.

In the first quarter of 2021 the Construction Cost Index (CCI) decreased by 1.6 percent compared to the previous quarter. The change was mainly due to a 19.7 percent decrease in average monthly nominal wages of employees in the construction sector, which contributed -6.05 percentage points to the total index change.