Construction Prices Stable But Not Decreasing, Sinyi Realty: Wage Increase is the Main Reason

Reported 7 months ago

According to the Directorate-General of Budget, Accounting and Statistics (DGBAS), the construction engineering price index has stabilized, with a year-on-year increase in May reaching 2.39%, driven mainly by the significant increase in labor wages. Although construction costs have stabilized in recent years, the booming construction project volume has put pressure on labor supply and demand, resulting in a near 4% annual increase in labor costs, much higher than material costs. This imbalance in the market is leading to increased stock prices in the construction sector, as demand outstrips supply, creating a prosperous situation in the construction industry.

Source: YAHOO

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