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 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
Tel. +371 67366798