Leading analyst at the Statistics Estonia Julo Paulus analyzes prices for construction work in Estonia. :format(webp)/nginx/o/2024/07/23/16239398t1hb545.jpg)
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Leading analyst at the Statistics Estonia Julo Paulus analyzes prices for construction work in Estonia.
According to the Department of Statistics, in the second quarter of this year the construction price index increased by 0.7% compared to the first quarter and by 2.2% compared to the same period in 2023.
Leading analyst at the Department of Statistics Julo Paulus noted that in the second quarter, the construction price index compared to the same period in 2023 was primarily affected by an increase in construction workers' salaries by 7.2%, which affected the change in the index by more than half.
“Compared to the first quarter of this year, labor costs increased by 1.3%, costs of machinery – by 2.4%, materials rose in price by 0.2%. The increase in prices for machines was primarily due to increased costs for renting small machinery, and the increase in prices for materials was due to slightly increased prices for wood,” Paulus explained.
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Photo: Department of Statistics.
In the second quarter, the price index for repair and reconstruction work increased by 0.6% compared to the first quarter of 2024 and by 0.8% compared to the same quarter last year.
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Photo: Department of Statistics.
The construction price index reflects changes in the cost of construction activities at the level of direct costs and is divided into three main groups: labor, construction equipment and construction materials. When calculating the construction price index, private houses, apartment buildings, industrial and service buildings are taken into account. When calculating the price index for repair and reconstruction work, service buildings are considered.
The Department of Statistics collects and analyzes data for the statistical work “Construction Price Index” commissioned by the Ministry of Economic Affairs and Communications in order to obtain an overview of the current state of the Estonian economy.
See also the prices section .
More detailed data is published in the statistical database.
