In February 2024 the Construction Cost Index (CCI) increased by 2.6 percent compared to the previous month. The change was mainly due to a 16.7 percent increase in average monthly nominal wages of employees in the construction sector, which contributed 2.84 percentage points to the total index change, - according to the preliminary data from the National Statistics Office of Georgia (Geostat).
According to the document, compared to February 2023 the CCI increased by 9.9%. The latter was largely caused by the 46.8% increase in average monthly nominal wages of employees in the construction sector and by the 2.5% increase in the prices of construction materials, which contributed 8.4 and 1.44 percentage points to the total index change, respectively.
Along with this, the Construction Cost Index posted a 15.1 percent increase compared to February 2022.
The following table presents the CCI in February 2024, compared to the previous month and the same month of the previous year, as well as the contributions of cost categories to the total index.
