The Construction Costs Index of the A.C. of the Basque Country did not vary in May 2003 with regard to the previous month, by which the inter-annual rate for the month came to 3.3%, according to EUSTAT data. The rate for the first five months in relation to last December showed a 3.1% increase.

In the inter-annual period (May 2003 in relation to May 2002) labour costs increased by 5.8%, while raw material costs rose 1.5%.

The stability of total costs in May 2003 is due to the opposite effects of the two main subsectors: Building costs rose 0.1%, while Civil Works costs fell during the reference month (-0.2%); however, in the inter-annual evolution of the subsectors, both grew to a similar degree, as Building costs increased 3.3%, while Civil works rose 3.1%.

Among the prices of raw materials that registered the highest inflation rates in May 2003 were: Glass (4.5%), Lime, gypsum and plaster (2.0%), Electric energy (1.7%) and Iron and steel (0.9%). On the other hand, reductions were registered in the average monthly prices of raw materials for Oil by-products (-4.7%), Plastic piping (-0.4%) and Explosives and gases (-0.2%), amongst others.