Construction costs in the 3rd quarter of 2007

18.10.2007

Compared to the 3rd quarter of 2006, construction costs in Latvia in the 3rd quarter of 2007 rose on average by 23.8%, according to the Central Statistical Bureau. The most rapid rise (by 40.4%) could be seen in the labour remuneration of workers. The maintenance and operational costs of machinery and equipment increased by 34.4% and the prices of construction materials rose by 10.1%. The most notable increases in construction costs were in the renovation of office buildings, in the reconstruction and construction of education, healthcare and sports buildings (by 31.6% and 31.5%, respectively). Costs in the construction of residential buildings increased by 24.8%, in the construction of transport facilities - by 21.9%, in the construction of underground main pipelines - by 19.4%, in the reconstruction and construction of industrial, agricultural and trade buildings - by 19.1%.

Compared to the 2nd quarter, in the 3rd quarter of this year construction costs on average increased by 3.7%. The maintenance and operational costs of machinery and equipment increased by 7.0%, the labour remuneration of workers – by 6.0% and the prices of construction materials – by 0.9%. The most notable increases in construction costs were in the construction of underground main pipelines – by 4.9%, in the renovation of office buildings – by 4.7%, in the reconstruction and construction of education, healthcare and sports buildings - by 4.0%. Costs in the construction of residential buildings increased by 3.7%, in the construction of transport facilities - by 3.4%, as well as in the reconstruction and construction of industrial, agricultural and trade buildings - by 3.0%.

Prepared by Price Statistics Department
Producer Price Indices Section
Tel. 67366813
Aleksandrs Gržibovskis