According to the report published by the National Statistics Office of Georgia (GEOSTAT), in February 2023, the construction cost index decreased by 0.9% compared to the previous month. The mentioned change was mainly due to the 5.7 percent decrease in the average monthly nominal salary of the hired employees in the construction industry, which contributed -0.9 percentage points to the total index change.
“Compared to February 2022, the construction cost index increased by 4.7%. The increase in the index was mainly caused by a 5.4 percent increase in the prices of construction materials, which contributed 3.09 percentage points to the total index change,” - the report noted.