Statistics: Construction price index in record growth on year to Q4 2021

Cranes (photo is illustrative).
Cranes (photo is illustrative). Source: Ken Mürk/ERR

The construction price index grew by a record amount on year to the fourth quarter of 2021 (Q4 2021) to 14.7 percent, state agency Statistics Estonia reports.

Over the whole year, the index rose by 8.3 percent between 2020 and 2021, while the growth between Q3 and Q4 2021 stood at a reported 3.0 percent.

Statistics Estonia analyst Ülo Paulus said that: "Compared with the average for 2020, the cost of labor was 3.2 percent more expensive in 2021, the cost of using building machines rose by 1.8 percent and the costs of materials by 11.6 percent," noted Paulus.

Construction price index y-o-y change Source: Statistics Estonia

The growth of wages and salaries on its own accounted for a third of the index rise, with the rise in cost of materials accounting for much of the remainder.

The index calculation covers four categories of buildings: Detached houses, blocks of flats, industrial buildings and office buildings.

the repair and reconstruction work price index, which refers to the last category, also saw a by 3.0 percent on year to Q4 2021. Compared with the average for 2020, the index rose by 7.0 percent in 2021, and the increase breakdown stood at 3.2 percent for labor costs, 0.9 percent for the cost of using building machines and 9.7 percent for the cost of building materials.

Quarterly changes in the construction price index Source: Statistics Estonia


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Editor: Andrew Whyte

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