Building costs up 6.5%

Construction materials costs rose 6.5% in June on May while manpower costs also rose 6.5% (6.6% in May).

The increase affected the price of building new build residential property according to the statistics published in the Costs of Building New Housing (ICCHN) released by the National Statistics Institute (INE) on Tuesday (10 August) this week.
Manpower costs contributed by 2.7 p.p. towards the overall homologous variation. In turn, the rising cost of materials contributed by 3.8 p.p..
Looking at the Month-on-Month (MoM) variation, it stood at 1.0% in June while the cost of materials rose 0.5% and manpower 1.7%.
On the other hand, manpower and materials contributed to 0.3 p.p. and 0.7 p.p., respectively towards forming the monthly variation rates compiled in the ICCHN.