The Construction Costs Index fell by 0.4% in the Basque Country in December 2008 with respect to the previous month, according to data facilitated by EUSTAT. The overall rate for 2008 was up 5.9% on December 2007.

Changes in the year-on-year rate, 1997-2008

Source: EUSTAT

During the annual period (December 2008 compared to December 2006), labour costs increased by 6.3%, whereas raw material costs were up by 5.7%.

In December, the cost of raw materials in the Building and Civil Works sub-sectors evolved differently, with a 2.5% decrease compared to the previous month in Civil Works, while the costs of raw materials for Building remained steady (0.0%). Both sub-sectors recorded growth during the year, but at different intensities: raw material costs for Building was up 6.6%, whereas those of raw materials for Civil Works accumulated a 2.3% increase.

The prices of raw materials consumed by the sector that have experienced the highest inflation rates over the last twelve months include: Electricity and Gas (14.4%), Metallic and Non-metallic Minerals (13.1%), Water (11.4%) and the Chemical Industry (6.8%). On the other hand, there was a decrease in the annual prices of Oil By-products (-21.6%) and Electronic Equipment (-3.2%) raw materials.

Building costs Index - Basque Country. Data development. December 2008

Source: EUSTAT