In January 2024 the Construction Cost Index (CCI) decreased by 4.4 percent compared to the previous month. The change was mainly due to a 22.9% decrease in average monthly nominal wages of employees in the construction sector, which contributed -4.7 percentage points to the total index change, - according to the National Statistics Office of Georgia (Geostat).
As of the document, compared to January 2023 the CCI increased by 6.2%. The latter was largely caused by the 18.7% increase in average monthly nominal wages of employees in the construction sector and by the 3.3% increase in the prices of construction materials, which contributed 4.42 and 1.94 percentage points to the total index change, respectively. Along with this, the Construction Cost Index posted a 12.2% increase compared to February 2022.
