Construction price index is up again
According to Statistics Estonia, the change of the construction price index in the 1st quarter of 2017 was 0.4% compared to the 4th quarter of 2016, and 0.7% compared to the 1st quarter of 2016.
In the 1st quarter of 2017, compared to the same quarter of the previous year, the construction price index was primarily affected by an increase in the costs of building materials and labour, which accounted for more than 60% and over a third of the total increase of the index, respectively.
Compared to the previous quarter, costs of building materials increased by 0.4%, costs of building machines increased by 0.5% and labour costs increased by 0.5%.
In the 1st quarter of 2017, the change of the repair and reconstruction work price index was 0.4% compared to the 4th quarter of 2016 and 0.5% compared to the 1st quarter of 2016.
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. The construction price index expresses the change in the expenditures on construction taking into consideration the price changes of three basic inputs: labour force, building materials and building machines.| 4th quarter 2016 – 1st quarter 2017, % | 1st quarter 2016 – 1st quarter 2017, % | |
|---|---|---|
| TOTAL | 0.4 | 0.7 |
| labour force | 0.5 | 0.7 |
| building machines | 0.5 | 0.3 |
| building materials | 0.4 | 0.7 |
| Index of detached houses | 0.3 | 0.5 |
| Index of blocks of flats | -0.1 | 0.6 |
| Index of industrial buildings | 0.5 | 0.3 |
| Index of office buildings | 0.6 | 0.9 |
| 4th quarter 2016 – 1st quarter 2017, % | 1st quarter 2016 – 1st quarter 2017, % | |
|---|---|---|
| TOTAL | 0.4 | 0.5 |
| labour force | 0.1 | 0.4 |
| building machines | 1.0 | 1.9 |
| building materials | 0.4 | 0.4 |
For the statistical activity “Construction price index”, the main representative of public interest is the Ministry of Economic Affairs and Communications, commissioned by whom Statistics Estonia collects and analyses the data necessary for conducting this statistical activity.