Statistics: Construction prices up by 17.8 percent on year to 2022
The construction price index rose by 17.8 percent in 2022, compared with the average for the previous year.
The index for the fourth quarter (Q4 2022) was up 16.1 percent in 2022, compared with Q4 2021.
Ülo Paulus, leading analyst at Statistics Estonia, said: "The higher cost of labor force contributed 30 percent and the increased cost of using building machines 20 percent of the rise in the index."
The construction price index rose by 1.9 percent Q3 2022 to Q4 2022, mainly due to the rising prices of materials, which accounted for a half of the total rise, Paulus said.
The construction price index expresses changes in construction expenditures taking into consideration three basic inputs: Labor force, building materials and building machines, and covering four groups of buildings: Detached houses, blocks of flats, industrial premises, and office facilities.
The repair and reconstruction work price index covers office buildings alone; this rose 2.0 percent Q3 2022 to Q4 2022, while in 2022 as a whole, the reconstruction work price index grew by 16.2 percent compared with the average for 2021; the labor force was 8.1 percent costlier, the cost of using building machines was up by 10.1 percent and the costs of materials, by 21.4 percent.
Statistics Estonia conducted the above research on behalf of the Ministry of Economic Affairs and Communications.
More detailed information is here.
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Editor: Andrew Whyte