According to data released by Statistics Estonia, in 2022, the construction price index increased by 17.8 per cent compared with the average of 2021. In the fourth quarter of 2022, the construction price index continued to rise, up by 1.9 per cent compared with the third quarter of 2022.
The construction price index expresses the change in construction expenditures, indicating the price changes of three basic inputs: labour force, building materials and building machines. The calculation of the construction price index covers four groups of buildings: detached houses, apartment buildings, industrial buildings, and office buildings.
“The rise in the construction price index in the fourth quarter of 2022 compared with the previous quarter was mainly due to the rising prices of materials, which accounted for half of the total rise. The higher cost of the labour force contributed 30 per cent and the increased cost of using building machines 20 per cent of the rise in the index,” said Ülo Paulus, a leading analyst at Statistics Estonia.
