First quarter construction price index up 2% on year ({{contentCtrl.commentsTotal}})

Construction underway in Narva.
Construction underway in Narva. Source: Aili Vahtla/ERR

According to information released by Statistics Estonia, the construction price index in the first quarter of 2019 increased 0.5% compared to the fourth quarter of 2018 and 2% on year.

Compared to the first quarter of 2018, the construction price index in the first quarter of 2019 was affected primarily by an increase in the cost of labour, which accounted for 57% of the total increase of the index.

Compared to the previous quarter, labour costs increased by 1.1%, and the cost of building materials by 0.3%. The prices of heavy equipment decreased by 0.3%, however, due to lower rental rates for hand tools.

In the first quarter of 2019, the repair and reconstruction work price index increased 0.6% compared to the fourth quarter of 2018, and 2.4% on year.

The calculation of the construction price index covers four groups of buildings: detached houses, blocks of flats, industrial buildings as well as 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 price changes of three basic inputs: labour force, building materials as well as heavy equipment.

Editor: Aili Vahtla

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