Construction still became expensive. According to the National Statistics Office of Georgia (Geostt), in November 2022 the Construction Cost Index (CCI) increased by 0.8% compared to the previous month.
According to the document, compared to February 2022 the CCI increased by 9%. The latter was largely caused by the 16.5% increase in average monthly nominal wages of employees in the construction sector, which contributed 3.21 percentage points to the total index change.
The following figures present the CCI in November 2022, compared to the previous month and February 2022, as well as the contributions of cost categories to the total index:
• Construction materials - 105.5 (+3.14 pp)
• Wages - 116.5 (+3.21 pp)
• Machinery - 118.3 (+0.95 pp)
• Transportation, fuel and electricity - 112.1 (+1.24 pp)
• Other costs - 108 (+0.48 pp).
