According to Statistics Estonia, in 2017 the construction price index increased 1.5 percent compared to the average of 2016. Compared to 2016, the cost of labour increased 2.4 percent, use of machinery by 1.4 percent and materials by 1.0 percent.
In the 4th quarter of 2017, compared to the 3rd quarter, the change of the construction price index was 0.5 percent, and compared to the 4th quarter of 2016, it was 2.1 percent. Compared to the 3rd quarter of 2017, the index was mainly influenced by an increase in labour costs, which accounted for 96 percent of the change on previous quarter. Compared to the 4th quarter of 2016, the increase in labour costs accounted for more than three quarters of the rise of the index.
The repair and reconstruction work price index also rose by 1.5 percent in 2017 compared to the average of 2016, including a 1.7 percent increase in both labour costs and use of machinery, and 1.3 percent increase in prices of materials.
The change of the repair and reconstruction work price index in the 4th quarter of 2017 was 0.4 percent compared to the 3rd quarter, and 1.7 percent compared to the 4th quarter of 2016.
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: labour force, building materials and building machines.
Editor: Dario Cavegn
Source: Statistics Estonia