On changes of construction costs in December 2012
Compared to the average level of 2011, construction costs in 2012 in Latvia increased by 6.8%, according to the data of the Central Statistical Bureau. The most rapid rise (of 15.8%) was recorded in labour remuneration of workers. Maintenance and operational costs of machinery and equipment rose by 12.2%, while prices of building materials grew by 0.7%.
As compared to December of the previous year, construction costs in December 2012 grew by 6.2%. Labour remuneration of workers increased by 12.7%. Maintenance and operational costs of machinery and equipment grew by 8.5% and prices of building materials rose by 2.1%.
Compared to November, construction costs in December 2012 increased on average by 1.3%. Labour remuneration of workers grew by 2.0%, prices of building materials rose by 1.3%, whereas maintenance and operational costs of machinery and equipment increased by 0.6%.
The overall level of construction costs in 2012 was mostly influenced by the cost growth in construction of transport facilities.
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 were obtained from about 180 construction enterprises and 30 trade enterprises. Moreover, construction cost calculations were 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 was included 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 January 2013 will be published on 28 February 2013.
Prepared by Producer Price Indices Section
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