Construction price index reached a record high in the second quarter
According to Statistics Estonia, in the second quarter of 2021, the construction price index increased by 5.2% compared to the first quarter and by 6.2% compared to the second quarter of 2020.
The construction price index expresses the change in construction expenditures taking into consideration the price changes of three basic inputs: labour force, building materials and building machines. 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.
According to Ülo Paulus, analyst at Statistics Estonia, it was the biggest rise in a quarter since starting to publish the construction price index. “The index change was mainly driven by higher prices of materials. Compared to the first quarter, the costs of materials rose by 7.3%, and compared to the second quarter of 2020, by 8.7%,” said Paulus.
Compared to the first quarter, labour costs increased by 1.8% and the cost of using building machines by 1.4%.
| 1st quarter 2021 – 2nd quarter 2021, % |
2nd quarter 2020 – |
|
|---|---|---|
| TOTAL | 5.2 | 6.2 |
| labour force | 1.8 | 2.3 |
| building machines | 1.4 | 0.6 |
| building materials | 7.3 | 8.7 |
| Index of detached houses | 4.4 | 4.8 |
| Index of blocks of flats | 7.8 | 8.7 |
| Index of industrial buildings | 4.6 | 5.3 |
| Index of office buildings | 4.8 | 6.1 |
Compared to both the first quarter of 2021 and the second quarter of 2020, the repair and reconstruction work price index rose by 4.4%.
| 1st quarter 2021 – 2nd quarter 2021, % |
2nd quarter 2020 – |
|
|---|---|---|
| TOTAL | 4.4 | 4.4 |
| labour force | 1.4 | 2.1 |
| building machines | 1.2 | -1.5 |
| building materials | 6.8 | 6.5 |
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:
Kaia-Liisa Tabri
Communications Partner
Marketing and Dissemination Department
Statistics Estonia
Tel +372 507 0521