The National Statistics Office of Georgia (Geostat) published a report on Construction Cost Index In Georgia. According to the document, construction became cheaper in February, although the price has increased y-o-y.
In February 2023 the Construction Cost Index (CCI) decreased by 0.9% compared to the previous month. The change was mainly due to a 5.7% decrease in the average monthly nominal wages of employees in the construction sector, which contributed -0.9 percentage points to the total index change.
Compared to February 2022 the CCI increased by 4.7%. The latter was largely caused by the 5.4% increase in the prices for construction materials, which contributed 3.09 percentage points to the total index change.
