CONSTRUCTION COST INDEX SKYROCKETS

The Construction Cost Index (CCI) jumped 90.27% in February, compared to the same month last year, according to the Turkish Statistical Institute (TurkStat). The CCI also rose by 5.73% monthly. The material index climbed by 113.27% in February year-over-year, and it has exceeded the threshold of 100.0 points for the first time. Market representatives say the surge is higher in the market as companies stockpile building materials due to increasing prices and concerns over product unavailability. Some are also not undertaking new projects. The labor index rose by 41.38% in the same period. The material index increased by 7.56% while the labor index was up by 0.23% in February, compared to the previous month. The CCI for civil engineering surged by 5.40% on February monthover-month. The CCI for civil engineering jumped 98.42% in February on an annual basis.