Second quarter construction price index up 2 percent on year
According to information released by Statistics Estonia on Monday, the construction price index of the second quarter of 2019 increased 0.3 percent compared to the previous quarter and 2 percent on year.
In the second quarter of 2019, compared to the second quarter of the previous year, the construction price index was affected primarily by an increase in the cost of labor, which accounted for 62 of the total increase of the index.
Compared to the previous quarter, labor costs increased by 0.6 percent, and costs of building materials by 0.1 percent. The prices of building machines, meanwhile, increased by 0.4 percent.
In the second quarter of this year, the repair and reconstruction work price index increased 0.4 percent compared to the previous quarter and 2.3 percent on year.
The calculation of the construction price index covers four categories of buildings: detached houses, apartment buildings, industrial buildings and office buildings. The repair and reconstruction work price index, meanwhile, covers office buildings.
The construction price index expresses the change in expenditures on construction taking into consideration price changes for three basic inputs: labor force, building materials and building machines.
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Editor: Aili Vahtla
