Construction Costs in Portugal up by 8.5% in November 2021 The trend remains with construction costs accelerating, mainly due to the cost of materials. In the chain variation, the increase in new housing construction costs was 1.6%. Material costs rose 0.8% compared to the previous month, and labor costs rose 2.8%. Thus, it is concluded that, for example in October 2021, the... 06 Jan 2022 min reading The trend of construction costs accelerating remains, mainly due to the cost of materials. In November 2021 alone, the costs of building new housing rose 8.5%, compared to the same period in 2020, and accelerated by 1.2% compared to the rate observed in October. According to the New Housing Construction Cost Index (ICCHN) released by the INE, the price of materials showed an increase, of 9.4%, up from 8.9% in October, and the cost of labor in Portugal rose 7.3%, up by 5.2% from the previous month. On a quartly basis, new housing construction costs rose 1.6%. The cost of materials rose 0.8% compared to the previous month, and labour costs rose by 2.8% concluding that, for example in October 2021, labour costs contributed 2.3% to the year-on-year change in the HNCC, with the materials component contributing 5.1%. Source: Vidaimobiliaria Share article FacebookXPinterestWhatsAppCopy link Link copiado