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Kingdom's July construction costs rise 2.3%
Construction costs in the Kingdom increased by 2.3% year-over-year in July, mainly driven by a rise in residential sector costs by 2.2% and non-residential sector costs by 2.6%. The increase included higher expenses for renting equipment and machinery by 4.2%, with equipment rentals with operators up by 5.7% and labor costs rising by 1.4%, alongside a 3% increase in energy prices. Additionally, the prices of key construction materials rose by 1.8%. On a monthly basis, the construction cost index remained stable compared to June, with costs remaining steady primarily in both the residential and non-residential sectors, according to the General Authority for Statistics report.
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