According to information released by Statistics Estonia, the construction price index of the second quarter increased by 0.3% QoQ and by 2% YoY.
In the second quarter, compared to the same quarter last year, the construction price index was affected primarily by an increase in the cost of labor, which accounted for three quarters of the total increase of the index.
Compared to the previous quarter, the cost of construction materials increased by 0.3%, machines by 0.7% and labor by 0.4%.
In Q2 the repair and reconstruction work price index increased by 0.4% MoM and by 1.7% YoY.
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, meanwhile, 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: labor force, construction materials and construction machines. (ERR/Business World Magazine)
