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Press Release 26/04/2016

CONSTRUCTION COSTS INDEX, MARCH 2016

Construction costs in the Basque Country fell by 0.1% in March 2016 with regards to the previous month

Compared to the previous year, March 2015, construction costs fell by 0.4%

There was a 0.1% fall in the Construction Costs Index in the Basque Country in March 2016 compared to the previous month, whilst the year-on-year rate for the same month fell by 0.4%, 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 0.2%.

In March, the sub-sectors of Building and Civil Works showed opposite trends in the cost of their raw materials in relation to the previous month, with a drop of 0.2% in raw materials consumed in Building and a 0.2% increase in those consumed in Civil Works. The year-on-year performance of both sub-sectors was similar, though to a different degree. Building raw material costs fell by 0.3%, whereas those for Civil Works recorded a 3.8% decrease.

The prices of raw materials consumed, by sector, that recorded the biggest increases in their annual prices (March 2016 on March 2015) included those in the following sectors: Electrical Material, with an increase of 2.7%; the Timber Industry, which rose by 1.9%; and Rubber and Plastic, which rose by 1.1%. Conversely, 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 27.1%; Metallurgy, which fell by 9.4%; and Electricity & Gas, which was down by 2.1%.

TABLE 1. CONSTRUCTION COSTS INDEX OF THE BASQUE COUNTRY. VARIATION RATE (p). MARCH 2016