The National Statistics Office of Georgia (Geostat) says the construction cost index increased by 3.8% year-on-year in April.
The index rose by 1.1% compared to March, one of the sharpest monthly increases.
Geostat data shows the residential segment increased by 0.5% month-on-month and 1.1% year-on-year. The non-residential segment rose by 0.05% compared to the previous month and 5.9% compared to the same month last year. The civil engineering segment increased by 2.2% month-on-month and 5.7% year-on-year.
The statistical office says the increase in construction costs was mainly driven by rising fuel prices.
“Compared to the corresponding month of the previous year, the construction cost index increased by 3.8%,” Geostat said. “The increase in the index was largely due to a 12.7% rise in transportation, fuel and electricity costs in the construction sector and a 2.2% increase in the average monthly nominal wage of hired employees, which contributed 1.61 and 1.5 percentage points to the change in the total index, respectively.”
Geostat also noted that construction costs increased by 27.4% compared to February 2022.
