Construction price index continued to rise moderately

In the 1st quarter of 2018, compared to the same quarter of the previous year, the construction price index was primarily affected by an increase in the cost of labour, which accounted for 82% of the total increase of the index.

Compared to the previous quarter, costs of building machines increased by 0.6% and labour costs increased by 0.4%. The prices of building materials remained at the level of the previous quarter.

In the 1st quarter of 2018, the change of the repair and reconstruction work price index was 0.7% compared to the 4th quarter of 2017, and 1.8% compared to the 1st quarter of 2017.

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.

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.