The construction price index took an upturn

According to Statistics Estonia, in the 3rd quarter of 2014, the construction price index changed 0.3% compared to the 2nd quarter of 2014 and -0.2% compared to the 3rd quarter of 2013.

Compared to the previous quarter, the construction price index was on the rise again after a two-quarter decline, but still remained below the level of the third quarter of the previous year.

In the 3rd quarter, compared to the same quarter of the previous year, the construction price index was primarily influenced by a decline in the price of materials, which accounted for three-quarters of the total decline of the index.

Compared to the previous quarter, the costs of building materials increased by 0.4%. The costs of building machines increased by 0.1% and labour costs rose by 0.2%.

In the 3rd quarter of 2014, the percentage change of the repair and reconstruction work price index was 0.5% compared to the 2nd quarter of 2014 and -0.1% compared to the 3rd 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, 3rd quarter 2014
2ndt quarter 2014 –
3rd quarter 2014, %
3rd quarter 2013 –
3rd quarter 2014, %
TOTAL 0.3 -0.2
labour force 0.2 0.4
building machines 0.1 3.0
building materials 0.4 -0.8
Index of detached houses 0.4 -0.5
Index of blocks of flats 0.0 -0.6
Index of industrial buildings -0.1 -0.1
Index of office buildings 0.6 -0.1
Change in the repair and reconstruction work price index, 3rd quarter 2014
2nd quarter 2014 –
3rd quarter 2014, %
3rd quarter 2013 –
3rd quarter 2014, %
TOTAL 0.5 -0.1
labour force 0.6 0.9
building machines -0.2 4.1
building materials 0.5 -0.8

Source: Statistics Estonia

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