Construction price index unchanged in the third quarter compared with the previous quarter
According to Statistics Estonia, in the third quarter of 2024, the construction price index remained on the same level compared with the second quarter and rose by 1.8% compared with the third quarter of 2023.
Ülo Paulus, leading analyst at Statistics Estonia, pointed out that in the third quarter of this year, compared with the same period in 2023, the construction price index was primarily influenced by a 6.4% increase in wages of workers. “On the other hand, the index was also affected by a 1% decrease in the price of building materials. Therefore, it can be said that the falling material prices curbed the rise in the construction price index for the moment,” Paulus explained.
“The increase in the cost of using machinery was mainly driven by the rise in the rental costs of small machines, whereas the decrease in material prices was primarily due to a fall in the price of industrial concrete products,” added Paulus.
Compared with the second quarter of 2024, labour force was 0.9% more expensive and the cost of using building machines rose by 0.2%. The price of building materials was down by 1%.
The change in the repair and reconstruction work price index in the third quarter was marginal, with the index falling by 0.3% compared with the second quarter of 2024 and by 0.2% compared with the third quarter of last year.
Change in the construction price index, 3rd quarter 2024
2nd quarter 2024 – | 3rd quarter 2023 – | |
TOTAL | 0.0 | 1.8 |
labour force | 0.9 | 6.4 |
building machines | 0.2 | 1.9 |
building materials | -1.0 | -1.0 |
Index of detached houses | -0.3 | 2.0 |
Index of blocks of flats | 0.1 | 2.9 |
Index of industrial buildings | 0.8 | 0.5 |
Index of office buildings | 0.1 | 2.1 |
Change in the repair and reconstruction work price index, 3rd quarter 2024
2nd quarter 2024 – | 3rd quarter 2023 – | ||
TOTAL | -0.3 | -0.2 | |
labour force | 1.0 | 3.8 | |
building machines | 4.0 | 4.0 | |
building materials | -1.3 | -2.6 | |
Statistics Estonia collects and analyses data for the construction price index for the Ministry of Economic Affairs and Communications to understand how the Estonian economy is doing.
See also the prices section on our website.
More detailed data have been published in the statistical database.
When using Statistics Estonia’s data and graphs, please indicate the source.
For further information:
Heidi Kukk
Media Relations Manager
Marketing and Dissemination Department
Statistics Estonia
Tel +372 625 9181
press [at] stat.ee (press[at]stat[dot]ee)