On changes of construction costs in September 2012
Compared to August, construction costs in Latvia in September 2012 increased on average by 0.8%, according to the data of Central Statistical Bureau. Labour remuneration of workers grew by 3.1%. Maintenance and operational costs of machinery and equipment rose by 0.2%. Building material price level did not change.
The overall level of construction costs was mostly influenced by the price growth in the construction of industrial, agricultural and trade buildings as well as in the construction of education, healthcare and sports buildings.
As compared to September of the previous year, construction costs rose by 8.6%.Labour remuneration of workers increased by 23.5%, maintenance and operational costs of machinery and equipment rose by 11.0%, whereas prices of building materials increased by 1.4%.
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, %
Compared to the 3rd quarter of 2011, construction costs in the 3rd quarter of 2012 rose on average by 8.5%. Labour remuneration of workers increased by 21.1%, maintenance and operational costs of machinery and equipment grew by 11.1%, and prices of building materials rose by 2.1%.
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 of 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 data base. Press release on changes of construction costs in October 2012 will be published on 27 November 2012.
Prepared by Producer Price Indices Section
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