Construction price index continued to rise in the second quarter
According to Statistics Estonia, in the second quarter of 2024, the construction price index increased by 0.7% compared with the first quarter and by 2.2% compared with the second quarter of 2023.
Ülo Paulus, leading analyst at Statistics Estonia, pointed out that in the second quarter of this year, compared with the same period in 2023, the construction price index was primarily influenced by the 7.2% increase in wages of workers, which accounted for more than a half of the index change. “Compared with the first quarter of 2024, labour force was 1.3% more expensive, the cost of using building machines rose by 2.4% and the price of building materials by 0.2%. The increase in the cost of machinery was mainly driven by the rise in the rental costs of small machines, and the increase in material prices was due to a slight rise in the price of wood,” Paulus explained.
The repair and reconstruction work price index rose by 0.6% compared with the first quarter of 2024 and by 0.8% compared with the first quarter of last year.
Change in the construction price index, 2nd quarter 2024
1st quarter 2024 – | 2nd quarter 2023 – | |
|---|---|---|
TOTAL | 0.7 | 2.2 |
labour force | 1.3 | 7.2 |
building machines | 2.4 | 2.0 |
building materials | 0.2 | -0.5 |
Index of detached houses | 0.7 | 2.7 |
Index of blocks of flats | 0.9 | 3.3 |
Index of industrial buildings | 0.2 | 0.0 |
Index of office buildings | 0.8 | 2.5 |
Change in the repair and reconstruction work price index, 2nd quarter 2024
| 1st quarter 2024 – 2nd quarter 2024, % | 2nd quarter 2023 – 2nd quarter 2024, % | |
|---|---|---|
TOTAL | 0.6 | 0.8 |
labour force | 1.2 | 4.2 |
building machines | 1.1 | -2.2 |
building materials | 0.1 | -1.0 |
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 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)