Between Q1 2024 and Q2 2204, the index rose by 0.7 percent.

Commenting on the results, leading analyst at Statistics Estonia Ülo Paulus said: "Compared with Q1 2024, the labor force was 1.3 percent costlier, the cost of using building machines rose by 2.4 percent, and the price of building materials by 0.2 percent."

"The increase in the cost of machinery was mainly driven by the rise in the rental costs of small machines, and the increase in material prices was due to a slight rise in the price of wood," Paulus added.

Paulus pointed out that in Q2 2024, compared with Q2 2023, the construction price index was primarily influenced by the 7.2-percent rise in workers' wages, which accounted for more than a half of the index change.

The construction price index expresses the change in construction expenditures taking into consideration the price changes of three basic inputs: Labor force, building machines, and building materials.

Calculating the index takes in four groups of buildings: Detached houses, apartment blocks, industrial buildings and office buildings.

Meanwhile the repair and reconstruction work price index rose by 0.6 percent compared between the first and second quarters of this year, and by 0.8 percent on year to Q2 2024.

The repair and reconstruction work price index covers office buildings alone.

 Statistics Estonia compiled the above data on behalf of the Ministry of Economic Affairs and Communications.

More detailed information from Statistics Estonia is here and here.

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