Statistics: Construction price index boosted by material price inflation

Construction workers on a building site.
Construction workers on a building site. Source: Priit Mürk/ERR

The construction price index (CPI) for the third quarter of 2021 increased by 5.1 percent from the prior quarter and 11.8 percent year-on-year, data from state agency Statistics Estonia shows.

Statistics Estonia analyst Ülo Paulus said labor costs increase by 2 percent and the cost of using building machines went up by 2.4 percent compared to the second quarter. 

"The costs of building materials increased by 7.1 percent, which accounted for 70 percent of the rise in the index in the third quarter. Compared to the third quarter of 2020, the index was also influenced the most by the higher cost of materials, which contributed 71 percent of the year-on-year growth in the index," Paulus said.

The repair and reconstruction work price index rose by 5.3 percent compared to the second quarter of 2021 and by 10.4 percent compared to the third quarter of 2020.

. Source: Statistics Estonia

The calculation of the construction price index covers four groups of buildings: detached houses, blocks of flats, industrial buildings and office buildings. The repair and reconstruction work price index covers office buildings. The construction price index expresses the change in construction expenditures taking into consideration the price changes of three basic inputs: labor force, building materials and building machines.

Quarterly change in construction price index and its components compared to previous quarter, 2016-2021. Source: Statistics Estonia

For more data and information, see the prices section of Statistics Estonia's website. The full statistical database is available here.


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Editor: Kristjan Kallaste

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