Compared to average level of 2009, construction costs in 2010 in Latvia decreased on average by 2.7%, according to the data of Central Statistical Bureau. The most notable reduction among main resource groups was observed for the maintenance and operational costs of machinery and equipment (of 5.7%). The prices of building materials went down by 2.3%. In its turn, labour remuneration of workers increased by 1.0%.
Compared to November, construction costs in December 2010 grew on average by 1.2%. The maintenance and operational costs of machinery and equipment rose by 4.2%, but prices of building materials increased by 0.4%. Labour remuneration of workers diminished by 1.0%.
Growth of costs in the construction of underground main pipelines and the construction of transport facilities had the greatest impact on the overall level of construction costs.
Compared to December 2009, the overall level of construction costs in December 2010 increased by 2.6%. Labour remuneration of workers increased by 8.0%, maintenance and operational costs of machinery and equipment grew by 1.4% and prices of building materials rose by 1.1%.
During the year cost growth in the construction of transport facilities, of industrial, agricultural and trade buildings had the greatest impact on overall level of construction costs.
|Changes of construction costs by main resource groups compared to corresponding month of previous year|
Compared to the 3rd quarter of 2010, construction costs in the 4th quarter of 2010 rose on average by 0.1%. Maintenance and operational costs of machinery and equipment increased by 2.0%. Labour remuneration of workers decreased by 1.9%, but prices of building materials decreased by 0.1%.
Compared to the 4th quarter of 2009, construction costs in the 4th quarter of 2010 grew on average by 1.5%. Labour remuneration of workers increased by 7.8%, but prices of building materials rose by 0.8%. Maintenance and operational costs of machinery and equipment decreased by 2.1%.
The prices data on construction resources are obtained from 140 construction enterprises and 35 trade enterprises. Construction enterprises provide price data for all resources while trade enterprises indicate only the prices of building materials. The construction enterprises-respondents are selected by way of target sampling choosing the enterprises with the highest value of own account construction. The sampled construction enterprises differ in specialisation and represent various regions of Latvia. 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 January 2011 will be published on 28 February 2011.
Prepared by Producer Price Indices Section
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