Construction price in Estonia increased by 5% in Q1 y-o-y20.04.2012, 14:55
According to Statistics Estonia, the percentage change of the construction price index was 0.4% in the 1st quarter of 2012 compared to the previous quarter, and 5.0% compared to the 1st quarter of 2011.
In the 1st quarter compared to the same quarter of the previous year, the construction price index was primarily influenced by more expensive building materials and by the increase in the labour costs, which gave correspondingly more than a half and over a third of the total increase of the index.
In the 1st quarter compared to the previous quarter, the labour costs decreased by 3.3%, costs on building machines increased by 2.2% and on building materials by 1.7%.
In the 1st quarter of 2012, the percentage change of the repair and reconstruction work price index was 0.1% compared to the 4th quarter of 2011 and 5.8 % compared to the 1st quarter of 2011.
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 construction price 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.