Construction data show residential dominates

New data on construction and housing for 2004 show that gross output in the construction sector reached CYP 1,050 mln at current prices in 2004, up 11.7% in non inflation-adjusted terms from the CYP 939.9 mln recorded in 2003.

Value added at current market prices in the construction sector was recorded at CYP 527.7 mln and in real terms (taking account of inflation) rose by 5.8%.

Construction of dwellings (residential buildings) dominated, accounting for CYP 504.6 mln in 2004, while non-residential buildings accounted for CYP 215.7 mln and civil engineering projects accounted for CYP 220.3 mln.

Labour costs rose by 3.9%–lower than the 5.9% recorded in 2003. Conversely, the rise in construction materials costs accelerated in 2004, by 8.3%, compared with 4.6% in 2003.