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Construction: Increases out of control

Construction: Increases out of control

24.05.2022

An increase, in some cases exceeding 50%, has been recorded in construction costs, with most building materials experiencing a vertical and continuous increase.

With the price of construction materials rising monthly and material deliveries continually delayed, contractors warn that the possibility of default on existing contracts, both private and public, is more clear than ever.

In one month (April), the price index for building materials increased by 5.60% compared to the previous month (March), and compared to April last year, the increase reaches 25%.

Gold, iron and steel

In the main categories, an increase was recorded in metal products (42.35%), wood, insulating, chemical and plastic products (24.77%), electromechanical products (16.39%), mineral products (9.96%) and minerals. (8.72%).

It is noted that the largest increase of 50.67% occurred in products from ferrous metals.

Plastic, aluminum and steel

The cost of plastic products increased by more than 33%, while the increase in the cost of aluminum and steel products amounted to about 30%.

In wood products, the Building Materials Price Index recorded an increase of 26.51%, while ceramics and electrical equipment increased by about 22%.

20% related to the growth rate of other electromechanical products, while the cost of chemical products increased by about 16%.

The smallest increase was recorded in products for heating and cooling (2.81%), aggregates (5.02%), powdered products (6.21%) and stones (7.57%).

Source and photo: www. inbusinessnews.reporter.com.cy.com, Editor estateofcyprus.com

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