First-quarter construction price index increases 0.7 percent on year

First-quarter business sector profits totaled €612 million. Source: (Siim Lõvi/ERR)

According to information released by Statistics Estonia on Thursday, the construction price index of the first quarter of 2017 increased 0.7 percent year over year and 0.4 percent compared to the previous quarter.

In the first quarter of 2017, compared to the same quarter of the previous year, the construction price index was affected primarily by an increase in the costs of building materials and labor, which accounted for more than 60 percent and over one third of the total increase of the index, respectively.

Compared to the previous quarter, costs of building materials increased by 0.4 percent, costs of building machines increased by 0.5 percent and labor costs increased by 0.5 percent.

In the first quarter of 2017, the repair and reconstruction work price index increased by 0.4 percent compared to the fourth quarter of 2016 and 0.5 percent year over year.

The calculation of the construction price index covers four groups of buildings: detached houses, apartment blocks, industrial buildings and office buildings; the repair and reconstruction work price index covers office buildings.

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

Editor: Aili Vahtla

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