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In the third quarter, the construction price index was again boosted by the rising prices of materials

News
Posted on 21. October 2021 8:00

According to Statistics Estonia, in the third quarter of 2021, the construction price index increased by 5.1% compared to the second quarter and by 11.8% compared to the third quarter of 2020.

Ülo Paulus, analyst at Statistics Estonia, said that labour costs rose by 2.0% and the cost of using building machines by 2.4% compared to the second quarter. “The costs of building materials increased by 7.1%, which accounted for 70% of the rise in the index in the third quarter. Compared to the third quarter of 2020, the index was also influenced the most by the higher cost of materials, which contributed 71% of the year-on-year growth in the index,” noted Paulus.

The repair and reconstruction work price index rose by 5.3% compared to the second quarter of 2021 and by 10.4% compared to the third quarter of 2020.

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 construction expenditures 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 2021
  2nd quarter 2021 –
3rd quarter 2021, %
3rd quarter 2020 –
3rd quarter 2021, %

TOTAL

5.1

11.8

   labour force

2.0

4.4

   building machines

2.4

3.7

   building materials

7.1

16.6

Index of detached houses

5.8

11.3

Index of blocks of flats

5.4

15.2

Index of industrial buildings

4.9

10.8

Index of office buildings

4.9

11.3

Change in the repair and reconstruction work price index, 3rd quarter 2021
  2nd quarter 2021 –
3rd quarter 2021, %
3rd quarter 2020 –
3rd quarter 2021, %

TOTAL

5.3

10.4

   labour force

2.1

4.3

   building machines

2.5

3.8

   building materials

6.7

14.3

 

Quarterly change in the construction price index and its components compared to previous quarter, 2016–2021

Statistics Estonia collects and analyses data for the construction price index for the Ministry of Economic Affairs and Communications in order 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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