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Press Release 29/02/2016

CONSTRUCTION COSTS INDEX. JANUARY 2016

Construction costs in the Basque Country rose 1.1% in January 2016 compared to the previous month

Compared to the previous year, January 2015, construction costs rose by 1.0%

There was a 1.1% rise in the Construction Costs Index in the Basque Country in January 2016 compared to the previous month, whilst the year-on-year rate for the same month rose by 1.0%, according to data provided by EUSTAT.

Labour costs increased by 1.0% with regards to the previous month, whereas raw material costs rose by 1.1%.

In January, the sub-sectors of Building and Civil Works showed diverging trends in the cost of their raw materials in relation to the previous month, with a rise of 1.3% in Building and a fall of 0.3% in raw materials consumed in Civil Works. In year-on-year terms both sub-sectors showed different variations. Building raw material costs rose by 1.3%, whereas those for Civil Works recorded a 1.5% decrease.

The prices of raw materials consumed, by sector, that recorded the biggest increases in their annual prices (January 2016 on January 2015) included those in the following sectors: Non-Metal Industry, with an increase of 4.1%; the Timber Industry, which rose by 3.4%; and Non-Metallic Minerals which rose by 2.5%. 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 21.3%; Metallurgy, which fell by 8.0%; and Electronic Material, which was down by 0.9%.

TABLE 1. CONSTRUCTION COSTS INDEX OF THE BASQUE COUNTRY. VARIATION RATE (p). JANUARY 2016
Source: Eustat. Construction costs index