Analytics, Construction, Estonia, Real Estate
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Saturday, 27.04.2024, 05:57
Construction prices in Estonia increased by 1.5% in 2017
Compared to 2016, the cost of labour increased 2.4%,
use of machinery by 1.4% and materials by 1.0%.
In the 4th quarter of 2017, compared to the 3rd
quarter, the change of the construction price index was 0.5%, and compared to
the 4th quarter of 2016, it was 2.1%. Compared to the 3rd quarter of 2017, the
index was mainly influenced by an increase in labour costs, which accounted for
96% of the change on previous quarter. Compared to the 4th quarter of 2016, the
increase in labour costs accounted for more than three quarters of the rise of
the index.
The repair and reconstruction work price index also
rose by 1.5% in 2017 compared to the average of 2016, including a 1.7% increase
in both labour costs and use of machinery, and 1.3% increase in prices of
materials.
The change of the repair and reconstruction work price
index in the 4th quarter of 2017 was 0.4% compared to the 3rd quarter, and 1.7%
compared to the 4th 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
construction expenditures 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 2017 |
||
|
3rd
quarter 2017 – 4th quarter 2017, % |
4th
quarter 2016 – 4th quarter 2017, % |
TOTAL |
0.5 |
2.1 |
labour
force |
1.5 |
4.5 |
building
machines |
0.2 |
1.9 |
building
materials |
0.0 |
0.7 |
Index of
detached houses |
0.6 |
1.9 |
Index of blocks of flats |
0.9 |
1.8 |
Index of
industrial buildings |
0.3 |
1.9 |
Index of
office buildings |
0.5 |
2.2 |
Change in the repair and reconstruction work price index, 4th quarter
2017 |
||
|
3rd
quarter 2017 – 4th quarter 2017, % |
4th
quarter 2016 – 4th quarter 2017, % |
TOTAL |
0.4 |
1.7 |
labour
force |
1.2 |
3.2 |
building
machines |
-1.7 |
0.9 |
building
materials |
0.0 |
0.8 |
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.