According to Statistics Estonia, the change of the construction price index in the third quarter of 2017 amounted to 0.9% compared to the previous quarter and 1.7% compared to the third quarter of 2016.
In the third quarter compared to the corresponding quarter of the previous year, the construction price index was primarily affected by an increase in the costs of labor and building materials, which accounted respectively for over 64% and over 30% of the total increase of the index.
Compared to the previous quarter, the costs of building materials increased by 0.1%, the costs of building machines by 1.4%, and labor by 2.3%.
In the third quarter of 2017, the change of the repair and reconstruction work price index was 0.6% compared to the second quarter of 2017, and 1.6% compared to the third quarter of 2016.
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 expenditures on construction, taking into account the price changes of three basic inputs: labour force, building materials, and building machines. (ERR/Business World Magazine)
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