On changes of construction costs in 2008

19.01.2009

Compared to the 4th quarter of 2007, construction costs in Latvia in the 4th quarter of 2008 rose on average by 8.1%, according to the data of the Central Statistical Bureau. Labour remuneration of workers and maintenance and operational costs of machinery and equipment increased by 10.3% and 10.1%, respectively. Prices of building materials grew by 2.2%.

The most notable rise of construction costs was recorded in the renovation of office buildings – by 9.3% and in the construction of transport facilities – by 8.0%. But the lowest growth of construction costs was in the construction of family houses and hotels, there costs rose by 2.5% and 3.8%, respectively.

Changes of construction costs by main resource groups,
compared to corresponding quarter of previous year

Compared to the 3rd quarter construction costs in the 4th quarter of this year decreased on average by 2.4%. Most rapid decrease was observed in construction of underground main pipelines – 3.6%, as well as in the construction of family houses and hotels – by 2.9%.

Prices of construction materials and labour remuneration of workers reduced by 3.0% and 2.8%, respectively. Maintenance and operational costs of machinery and equipment increased by 0.7%.

Prepared by Producer Price Indices Section
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