Lisbon, Sept. 6, 2024 (Lusa) - Construction costs for new housing rose 0.1% in July from June and up 3.6% on a year earlier, according to estimates from the National Statistics Institute (INE) released on Friday.

"In July 2024, construction costs for new residential buildings are estimated to have increased by 3.6% on a year-on-year basis, the same value as in the previous month," the INE said.

According to the INE, the cost of materials was down 0.2% on the month and 0.5% on the year, while labour costs were up 0.5% on the month and 9.1% on the year, the latter rate being 0.9 of a percentage more more than in June.

According to the INE, labour costs contributed 3.9 p.p. (3.6 p.p. in the previous month) to the year-on-year rate of change in the New Housing Construction Cost Index (NHCI) and materials -0.3 p.p. (0.0 p.p. in June).

In July 2024, new housing construction costs are estimated to have risen by 3.6% year on year, the same increase seen in June.

Among the materials that had the greatest negative influence on the aggregate price variation were coverings, insulation and waterproofing materials, down by around 20%, as well as glass and mirrors, down by around 10%, INE said.

Sanitary ware stood out with a rise of around 10%, as did bare and coated copper wire and bitumen, with year-on-year rises recorded that were close to 10%.

ALN/ARO // ARO.

Lusa