The construction price index increase stopped in the 2nd quarter
According to Statistics Estonia, the construction price index remained at the same level in the 2nd quarter of 2015 compared to the 1st quarter of 2015 and increased by 0.7% compared to the 2nd quarter of 2014.
The construction price index for the 2nd quarter compared to the same quarter of the previous year was influenced the most by the increasing cost of labour which accounted for over three-quarters of the total increase of the index.
Compared to the previous quarter, the prices of construction materials increased 0.2%. Spending on machinery and labour fell by 0.5% and 0.3%, respectively.
The repair and reconstruction work price index decreased by 0.4% in the 2nd quarter of 2015 compared to the 1st quarter of 2015, and grew by 0.3% compared to the 2nd 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.
| 1st quarter 2015 – 2nd quarter 2015, % | 2nd quarter 2014 – 2nd quarter 2015, % | |
|---|---|---|
| TOTAL | 0.0 | 0.7 |
| labour force | -0.3 | 1.8 |
| building machines | -0.5 | -1.3 |
| building materials | 0.2 | 0.3 |
| Index of detached houses | -0.2 | 0.5 |
| Index of blocks of flats | 0.1 | -0.5 |
| Index of industrial buildings | -0.2 | 1.0 |
| Index of office buildings | 0.0 | 1.1 |
| 1st quarter 2015 – 2nd quarter 2015, % | 2nd quarter 2014 – 2nd quarter 2015, % | |
|---|---|---|
| TOTAL | -0.4 | 0.3 |
| labour force | -0.6 | 1.5 |
| building machines | -1.0 | -2.6 |
| building materials | -0.2 | -0.4 |