Home construction costs increase 9.70% as of October

Until October of this year, direct housing construction costs rose 9.70%, a value well above the increases that were registered in 2019 when these costs increased by 1.96%.

The data is offered by the National Statistics Office (ONE) when publishing the Index of Direct Costs of Home Construction (ICDV). It specifies that the most significant accumulated variation was presented in the single-family dwelling of one level, with a 10.55 % increase.

The principal increases were presented in machinery, with 15.64%, subcontracts, with 11.94% and materials, with 10.76%, followed by tools with 7.96% and labor is the region with the least increased with 1.94%.

The ONE data reveals that by a subgroup of costs, the central decrease was reflected in fuels, with -14.49%, while the largest accumulated increases occurred in wood, with 30.53%; followed by the boat subcontract 24.64% and PVC pipes and pieces, with 23.71%.

Only in October 2020, the Index of Direct Costs of Home Construction (ICDV) was 176.52 on average, registering an increase of 1.92 points, compared to the previous month that was 174.59, where the central increases were produced by the group of machinery costs, with 10.27% and for the sub-group of costs subcontract of a boat, with a rise of 24.64%

To determine this direct cost index, the ONE reviews the prices of 111 of the principal articles of the construction industry each month in 55 economic establishments specialized in the sale of materials, tools, and equipment; as well as equipment rental services for the construction of buildings in the area covered by the Index.