According to Statistics Estonia, in the first quarter of 2024, the construction price index increased by 0.2% compared with the fourth quarter of 2023 and by 0.9% compared with the first quarter of last year.
Ülo Paulus, leading analyst at Statistics Estonia, said that in the first quarter of this year, compared with the same period in 2023, the construction price index was primarily influenced by the increase in wages of workers, which accounted for 58% of the index change.
“Compared with the fourth quarter of last year, labour force was 2.6% more expensive, while the price of building materials fell by 1% and the cost of using building machines by 0.8%,” Paulus noted.
The biggest contributors to the correction in input prices were manufacturers of concrete products and large equipment rental companies.
The repair and reconstruction work price index fell by 0.2% compared with the fourth quarter of 2023 and by 0.1% compared with the first quarter of last year.
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Rise in construction prices in Estonia in 1Q was held back by lower costs for materials and machinery
