Construction Costs Keep Going Up

May 25, 2007

Every month it gets more expensive to build in Costa Rica, thanks to rising construction costs. The industry, however, continues to boom.

According to data from the National Statistics and Census Institute (INEC), the price of building materials for houses has gone up 21% in the past 12 months, with increases in the cost of everything from steel to PVC to drain pipe.

The price of commercial construction has gone up as well, though not as steeply.

Raw materials in that category now cost 15% more than they did 12 months ago. The price of labor has moved also, rising 9.5% over the past year.

Still, construction in the country continues to be one of the stronger industries. The Central Bank’s report for the month of May shows that sector growing an average of 20.7% for the first part of 2007, about 7 points higher than growth at this time last year.

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