On changes of construction costs in November 2012
Compared to October, construction costs in Latvia in November 2012 decreased on average by 0.2%, according to the data of the Central Statistical Bureau. Labour remuneration of workers reduced by 1.2%, prices of building materials diminished by 0.1%, whereas maintenance and operational costs of machinery and equipment rose by 0.3%.
As compared to November of the previous year, construction costs grew by 7.2%. The most notable rise (of 17.2%) was observed in the labour remuneration of workers. Maintenance and operational costs of machinery and equipment increased by 9.3% and prices of building materials rose by 1.9%.
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 December 2012 will be published on 28 January 2013.
Prepared by Producer Price Indices Section
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