According to Statistics Estonia, the percentage change of the construction price index in the 2nd quarter of 2012 was 1.1% compared to the 1st quarter of 2012 and 4.7% compared to the 2nd quarter of the previous year. The quarterly change was mostly influenced by an increase in labour costs and the annual change by an increase in the cost of building materials.
Compared to the 1st quarter of 2012, the index was primarily influenced by the 1.3% increase in labour costs (which replaced the 3.3% decrease in the previous quarter). The 1.1% increase in material costs was partly compensated by the lower rise in costs on building machines (0.3%).
Compared to the 2nd quarter of 2011, the costs of building materials increased by 4.0%, labour costs by 5.8% and costs of using building machines by 7.2%. The price increase of materials accounted for 58% and the rise in labour costs for one third of the total increase of the index.
In the 2nd quarter of 2012, the percentage change of the repair and reconstruction work price index was 1.2% compared to the 1st quarter and 5.4% compared to the 2nd quarter of the previous year.
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 basic inputs: labour force, building materials and building machines.