On construction cost changes in November 2009
Compared to October construction costs in November of this year on average decreased by 0.1%, according to the data of Central Statistical Bureau. Maintenance and operational costs of machinery and equipment reduced by 0.4%, labour remuneration of workers did not change significantly, but prices of building materials grew by 0.1%.
Compared to November 2008, construction costs in November 2009 on average decreased by 14.4%. Most rapid reduction (by 27.0%) among the main resource groups was observed in the labour remuneration of workers. Prices of building materials reduced by 9.6%, but maintenance and operational costs of machinery and equipment - by 7.0%.
Reduction of construction costs in the construction of transport facilities and in the reconstruction and construction of industrial, agricultural and trade buildings had the greatest lowering impact on overall level of construction costs.
Every month data on the prices of construction resources are obtained from 132 construction enterprises and 29 trade enterprises. Construction enterprises provide price data for all resources while trade enterprises indicate only the prices of building materials. The construction enterprises-respondents are selected by way of target sampling choosing the enterprises with the highest value of own account construction. The sampled construction enterprises differ in specialisation and represent various regions of Latvia. The criterion for the sample of trade enterprises is their turnover and specialisation.
Prepared by Producer Price Indices Section