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Press Release 26/01/2015

CONSTRUCTION COSTS INDEX OF THE BASQUE COUNTRY (ICCE) DECEMBER 2014

Construction costs in the Basque Country dropped 0.1% in December 2014 compared to the previous month

Compared to the previous year, December 2013, construction costs fell by 1.0%

There was a 0.1% drop in Construction Costs in the Basque Country in December 2014 compared to the previous month, whilst in year-on-year terms it decreased by 1.0%, according to data provided by EUSTAT.

There was no variation in labour costs, 0.0%, with regards to the previous month, whereas raw material costs fell by 0.1%.

In December, the Building sub-sector showed a positive variation in the cost of its raw materials in relation to the previous month, with an increase of 0.1%, while the Civil Works sub-sector saw a fall of 1.3%.

Both sub-sectors showed a negative year-on-year variation. Building raw material costs fell by 1.5%, whereas those for Civil Works recorded a 3.7% decrease on the same month of the previous year.

The prices of raw materials consumed by the sector that recorded the biggest increases in their year-on-year prices (December 2014 on December 2013) included those in the sectors of Electronic Material, which grew by 1.0%, and Metal Items, which rose by 0.9%. On the other hand, sectors that saw the biggest price reductions over the last twelve months in raw materials include the sectors of Oil Refining, with a decrease of 22.6%; Electricity & Gas, where prices fell by 4.8%; and Non-Metal Industry, which was down by 3.4%.

TABLE 1. CONSTRUCTION COSTS INDEX OF THE BASQUE COUNTRY. VARIATION RATE (p). DECEMBER 2014
Source: Eustat. Index of construction costs of the Basque Country