May 27, 2012
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Building construction costs up by 3.49 pct in first three months
22 April 2010 / TODAY’S ZAMAN, İSTANBUL
The average cost of constructing a building rose by 3.49 percent in the first quarter of the year over the previous quarter, a recent survey has shown.
According to the latest Building Construction Cost Index released by the Turkish Statistics Institute (TurkStat) on Wednesday, construction costs also increased by 5.04 percent in the January-March period of this year from the same period of 2009. However, considering four-quarter averages, the cost of constructing a new building saw a 2.51 percent decline as of the end of the first quarter. Labor costs also registered a rise of 1.45 percent from the quarter earlier, while also increasing by 3.93 percent over the same period of last year. Furthermore, the construction sector suffered a rise of 4.13 percent in the cost of materials in the first three months of the year compared to the last quarter of 2009, while the increase was 5.38 percent over the same period of last year.
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