The construction price index increased in 2015

According to Statistics Estonia, in 2015, the construction price index rose 0.5% compared to the average of 2014.

Labour costs increased by 2.9%, costs of building machines decreased by 0.8% and costs of building materials decreased by 0.7%.

In the 4th quarter of 2015 compared to the 3rd quarter, the change of the construction price index was -0.1% and compared to the 4th quarter of 2014 the change was 0.7%. Compared to the 3rd quarter of 2015, the index was mainly influenced by the depreciation of building materials, which gave more than half of the quarterly change. Compared to the 4th quarter of 2014, the construction price index was also mainly influenced by an increase in labour costs, which accounted more than 75% of the total increase.

The repair and reconstruction work price index remained at the same level in 2015 compared to the average of 2014. Labour costs increased by 2.3%, costs of machines decreased by 2.3% and costs of building materials decreased by 1.4%.

The change of the repair and reconstruction work price index in the 4th quarter of 2015 was -0.1% compared to the 3rd quarter, and -0.2% compared to the 4th quarter of 2014.

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 2015
3rd quarter 2015 – 4th quarter 2015, % 4th quarter 2014 – 4th quarter 2015, %
TOTAL -0.1 0.7
labour force 0.4 3.7
building machines -0.5 -1.9
building materials -0.3 -0.7
Index of detached houses 0.1 0.5
Index of blocks of flats 0.1 -0.4
Index of industrial buildings -0.5 0.9
Index of office buildings 0.0 0.9

 

Change in the repair and reconstruction work price index, 4th quarter 2015
3rd quarter 2015 – 4th quarter 2015, % 4th quarter 2014 – 4th quarter 2015, %
TOTAL -0.1 -0.2
labour force 0.4 2.5
building machines -0.5 -3.1
building materials -0.3 -1.9

Source: Statistics Estonia

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