Analytics, Construction, Estonia, Real Estate, Wages
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Tuesday, 19.03.2024, 02:05
Wage pressure keeps the construction price index rising in Estonia
In the 3rd quarter, compared to the corresponding
quarter of the previous year, the construction price index was primarily
affected by an increase in the costs of labour and building materials, which
accounted respectively for over 64% and over 30% of the total increase of the
index.
Compared to the previous quarter, the costs of
building materials increased by 0.1%, the costs of building machines by 1.4%
and labour by 2.3%.
In the 3rd quarter of 2017, the change of the repair
and reconstruction work price index was 0.6% compared to the 2nd quarter of
2017 and 1.6% compared to the 3rd 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.
Change in the construction price index, 3rd quarter 2017 |
||
|
2nd
quarter 2017 – 3rd quarter 2017, % |
3rd
quarter 2016 – 3rd quarter 2017, % |
TOTAL |
0.9 |
1.7 |
labour
force |
2.3 |
3.3 |
building
machines |
1.1 |
2.2 |
building
materials |
0.1 |
0.8 |
Index of
detached houses |
0.9 |
1.5 |
Index of blocks of flats |
0.7 |
1.1 |
Index of
industrial buildings |
0.8 |
1.7 |
Index of
office buildings |
1.0 |
1.9 |
Change in the repair and reconstruction work price index, 3rd quarter
2017 |
||
|
2nd
quarter 2017 – 3rd quarter 2017, % |
3rd
quarter 2016 – 3rd quarter 2017, % |
TOTAL |
0.6 |
1.6 |
labour
force |
1.2 |
2.2 |
building
machines |
1.4 |
2.7 |
building
materials |
0.0 |
1.1 |
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.