Analytics, Construction, Estonia, Real Estate

If in the 1st quarter this year the construction price index fell 4.7% compared to the same quarter of the previous year and in the 2nd quarter the index fell 8.8%, then in the 3rd quarter the fall deepened even more. The fall of the construction price index was mainly influenced by the decrease in the labour costs – 18.4%. The price indices of building machines and building materials were also in the falling trend.

In the 3rd quarter of 2009 compared to the 2nd quarter of 2009, the change of the construction price index was –1.4%, mainly influenced by the decrease in the labour costs.

In the 3rd quarter of 2009 the percentage change in the repair and reconstruction work price index was –1.3% compared to the 2nd quarter of 2009 and –9.8% compared to the 3rd quarter of 2008.

The calculation of the construction price index covers four groups of buildings – detached houses, blocks of flats, industrial buildings and office buildings, as well as office buildings covered by the repair and reconstruction work price index. The index expresses the change in the expenditures on construction taking into consideration the price changes of basic inputs (labour force, building materials and building machines).

Change in the construction price index, 3rd quarter 2009

Change in the repair and reconstruction work price index, 3rd quarter 2009