Compared to July, construction costs in August 2010 decreased on average by 0.4%, according to the data of Central Statistical Bureau. Labour remuneration of workers decreased by 1.6%, but prices of building materials reduced by 0.3%. Maintenance and operational costs of machinery and equipment increased by 0.3%.
Reduction of construction costs in the renovation and construction of education, healthcare and sports buildings as well as in the construction of underground main pipelines had the greatest lowering impact on overall level of construction costs.
Compared to August 2009, construction costs in August 2010 decreased on average by 2.1%. The maintenance and operational costs of machinery and equipment witnessed the most notable reduction among main resource groups (of 6.5%). Prices of building materials decreased by 1.2%, but labour remuneration of workers grew by 2.2%.
Reduction of costs in the construction of underground main pipelines, construction of transport facilities and construction of office buildings had the greatest lowering impact on overall level of construction costs.
|Changes of construction costs by main resource groups compared to corresponding month of previous year|
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 September 2010 will be published on 29 October 2010.
Prepared by Producer Price Indices Section
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