The Construction Costs Index of the A.C. of the Basque Country rose 0.1% in February 2003, by which the inter-annual rate for this month came to 2.9%, according to EUSTAT data. Growth in the cost of raw materials (0.2%) marked the development of the General Index in February, as the other component, labour costs, did not vary over this period.

Rate of inter-annual variation, 1995-2003

(*) The increase shown is inter-annual in February

Source: EUSTAT

In the inter-annual period (February 2003 compared to February 2002) the labour costs increased 4.0%, while raw material costs rose 2.0%.

The increase in total costs for February 2003 is divided differently between the two main subsectors: Civil Works costs rose 0.3%, while Building costs remained stable during the reference months (0.0%); in the inter-annual evolution of these two subsectors, Civil Works costs also rose more (3.9%) than Building costs (2.5%).

Among the prices of raw materials used by the sector that underwent higher inflationary rates in February 2003 were Oil by products (6.1%), Paint and varnish (0.9%) and Asphalt products (0.6%). Average monthly prices fell, however, for raw materials in Explosives and gases (-2.9%), Glass (-1.0%) and Artificial Cement (-0.1%), among others.

Source: EUSTAT