In the second quarter of 2021, the construction price index increased by 5.2% QoQ and by 6.2% YoY, data from Statistics Estonia showed.
The construction price index shows the change in construction expenditures taking into consideration the price changes of three basic inputs: labor 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.
Ulo Paulus, analyst at Statistics Estonia, said it was the biggest rise in a quarter since starting to publish the construction price index.
“The index change was mainly driven by higher prices of materials. Compared to the first quarter, the costs of materials rose by 7.3% and compared to the second quarter of 2020 – by 8.7%,” said Paulus.
Compared to the first quarter, labor costs increased by 1.8% and the cost of using building machines by 1.4%. (ERR/Business World Magazine)
