The Building Costs index in the Autonomous Community of the Basque Country registered an increase of 2.7% in January 2008 with respect to the previous month, as a consequence of which the inter-annual rate for that month reaches 3.7%, according to data facilitated by EUSTAT, the Basque Statistics Office.

Inter-annual variation rates, 1997-2008

Source: Eustat

In the month of January 2008 labour costs increased by 4.5%, whereas raw materials costs registered an increase of 1.9%.

The Building subsector registered a growth of 2.0% in raw materials costs over the previous month, whereas the Civil Works subsector such costs increased by 1.6%. In the interannual evolution of those two subsectors it was observed that both registered increases albeit with different intensities: raw materials costs in Building grew by 3.0%, whereas Civil Works raw materials accumulated an increase of 5.3%.

In the month of January, the highest price increases took place in the following raw materials used: Lime, gypsum and plaster (5.0%), Articles derived from cement (4.4%), Artificial cement (2.8%), Wood and cork (1.5%), Metal carpentry (1.4%) and Metal Structures (1.4%), among others. On the other hand, a reduction in prices was observed in Petroleum derivates (-0.9%), Oils (-0.9%), Paints and varnishes (-0.6%) and Asphalt products (-0.5%).

Among the prices of raw materials used by the sector that experienced the highest rates of inflation throughout the last twelve months are: Petroleum derivates (28.8%), Asphalt products (20.9%) and Glass (16.7%). On the other hand, interannual price decreases (January 2008 compared to January 2007) were observed in raw materials related to Oils (-4.3%), Iron and steel (-3.7%), Metal structures (-0.5%) and Electric power (-0,2%).

Building Costs Index - Autonomous Community of the Basque Country / Data Development. January 2008

Source: EUSTAT