Analytics, Construction, Estonia, Real Estate

Compared to 2013, labour costs increased by 1.3% and the costs of building machines by 2.2%. The costs of building materials remained on the same level.

In the 4th quarter of 2014 compared to the 3rd quarter, the change of the construction price index was -0.2%; and compared to the 4th quarter of 2013, the change was -0.7%. Compared to the 3rd quarter of 2014, the index was mainly influenced by the depreciation of building materials, which accounted for more than three-quarters of the quarterly change. Compared to the 4th quarter of 2013, the construction price index was also mainly influenced by decreased material costs, which accounted more than 50% of the index decrease.

In 2014, the repair and reconstruction work price index rose 0.6% compared to the average of 2013: labour costs increased by 1.7% and the costs of building machines by 3.4%, while the costs of building materials remained on the same level.

In the 4th quarter of 2014, the change of the repair and reconstruction work price index was 0.1% compared to the 3rd quarter of 2014, and -0.4% compared to the 4th quarter of 2013.

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.

Change in the construction price index, 4th quarter 2014