On changes of construction costs in August 2012
Compared to July, construction costs in Latvia in August 2012 increased on average by 0.2%, according to the data of the Central Statistical Bureau. Labour remuneration of workers grew by 1.0%, while maintenance and operational costs of machinery and equipment rose by 0.5%. Prices of building materials diminished by 0.4%.
The overall level of construction costs was mostly influenced by the cost growth in the construction of education, healthcare and sports buildings, as well as in the construction of underground main pipelines.
As compared to August of the previous year, the overall level of construction costs rose by 8.6%. Labour remuneration of workers increased by 20.8%, maintenance and operational costs of machinery and equipment grew by 11.2% and prices of building materials rose by 2.4%.
Growth in construction costs of transport facilities had the most significant increasing impact on the overall level of construction costs.
Changes in construction costs by main resource group
compared to the corresponding month of the previous year, %
In 2012 the price data on construction resources are obtained from about 180 construction enterprises and 30 trade enterprises. Moreover, construction cost calculations are based on the prices of building materials submitted by the enterprises for the calculation of producer price indices in industry and import price indices.
The sample includes construction enterprises with the highest value of own account construction works in 2011. The share of enterprises with the work volume exceeding LVL 1 million comprised 75%, in 21% of which the volume of own account construction works exceeded LVL 5 million per year. The criterion for the sample of trade enterprises is their turnover and specialisation.
More detailed information is available in the CSB Database. Press release on changes of construction costs in September 2012 will be published on 25 October 2012.
Prepared by Producer Price Indices Section
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