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The continued rise of the construction price index was mainly due to higher cost of materials

News
Posted on 21. April 2021 8:00

According to Statistics Estonia, in the first quarter of 2021, the construction price index increased by 0.7% compared to the fourth quarter of 2020 and by 0.5% compared to the first quarter of 2020.

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. 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.

Ülo Paulus, analyst at Statistics Estonia, said that the higher cost of materials had the biggest impact on the construction price index in the first quarter, year on year, and accounted for three quarters of the total increase of the index. “Compared to the previous quarter, labour force was 0.4% more expensive and the cost of using building machines rose by 0.3%, while the cost of materials increased by 0.9%,” noted Paulus.

The repair and reconstruction work price index rose by 0.3% compared to the fourth quarter of 2020, and fell by 0.3% compared to the first quarter of last year.

Change in the construction price index, 1st quarter 2021
  4th quarter 2020 – 1st quarter 2021, % 1st quarter 2020 – 1st quarter 2021, %
TOTAL 0.7 0.5
  labour force 0.4 -0.5
  building machines 0.3 -0.8
  building materials 0.9 1.2
Index of detached houses 0.6 0.1
Index of blocks of flats 0.6 0.9
Index of industrial buildings 0.8 0.5
Index of office buildings 0.7 0.5
Change in the repair and reconstruction work price index, 1st quarter 2021
  4th quarter 2020 – 1st quarter 2021, % 1st quarter 2020 – 1st quarter 2021, %
TOTAL 0.3 -0.3
  labour force 0.6 -0.4
  building machines 0.1 -2.5
  building materials 0.1 -0.1
 
Quarterly change in the construction price index and its components compared to previous quarter (2015 = 100)

Statistics Estonia collects and analyses data for the construction price index for the Ministry of Economic Affairs and Communications to understand how the Estonian economy is doing.

See also the dedicated section on prices.

More detailed data have been published in the statistical database.

 

For further information:

Kadri Kütt
Media Relations Manager
Marketing and Dissemination Department
Statistics Estonia
Tel +372 625 9181

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