Construction prices rose by 1.6% in 2024
According to Statistics Estonia, in 2024, the construction price index increased by 1.6% compared with the average of 2023. In the fourth quarter of 2024, the construction price index increased by 0.4% compared with the third quarter of last year and by 1.3% compared with the fourth quarter of 2023.
Ülo Paulus, leading analyst at Statistics Estonia, said that the increase in the construction price index in 2024, compared with the average of 2023, was primarily due to wage growth, which accounted for 65% of the total index rise. “In 2024, the construction price index rose by 1.6%. Labour force was 6.3% more expensive and the cost of using building machines went up by 1.7%, while the cost of building materials decreased by 1.1%,” noted Paulus.
In the fourth quarter of 2024, the construction price index increased by 0.4% compared with the third quarter. The cost of building materials rose by 0.6%, the cost of using building machines by 0.3%, and the cost of labour force by 0.1%. The biggest contributor to the index rise compared with the third quarter was the cost of building materials which started to go up again and represented 85% of the rise in the index.
Change in the construction price index, 4th quarter 2024
3rd quarter 2024 – | 4th quarter 2023 – | |
TOTAL | 0.4 | 1.3 |
labour force | 0.1 | 5.0 |
building machines | 0.3 | 2.0 |
building materials | 0.6 | -1.1 |
Index of detached houses | 0.6 | 2.2 |
Index of blocks of flats | 0.1 | 1.8 |
Index of industrial buildings | 0.3 | 0.6 |
Index of office buildings | 0.3 | 1.4 |
In the fourth quarter of 2024, the repair and reconstruction work price index rose by 0.8% compared with the third quarter of 2024 and by 0.9% compared with the fourth quarter of 2023.
Change in the repair and reconstruction work price index, 4th quarter 2024
3rd quarter 2024– | 4th quarter 2023 – | |
TOTAL | 0.8 | 0.9 |
labour force | -0.1 | 2.4 |
building machines | 0.4 | 0.4 |
building materials | 1.3 | -0.1 |
The construction price index expresses the change in construction expenditures taking into consideration the price changes of three basic inputs: labour force, building machines, and building materials. 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.
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 dedicated section on prices. More detailed data have been published in the statistical database.
For further information:
Heidi Kukk
Media Relations Manager
Marketing and Dissemination Department
Statistics Estonia
Tel +372 625 9181
press [at] stat.ee