On construction cost changes in September 2010
Compared to August,construction costs in September 2010 increased on average by 0.1%, according to the data of Central Statistical Bureau. The maintenance and operational costs of machinery and equipment increased by 1.2% and the prices of building materials rose by 0.7%. Labour remuneration of workers reduced by 2.5%.
Increase of costs in the renovation and construction of industrial, agricultural and trade buildings, in the construction of transport facilities and of underground main pipelines had the greatest impact on the overall level of construction costs.
Over the year (compared to September 2009), overall level of construction costs grew by 0.1%. Labour remuneration of workers and prices of building materials witnessed the most notable increase among main resource groups (of 5.5% and 0.4%, respectively). In its turn, maintenance and operational costs of machinery and equipment fell by 4.5%.
Growth of costs in the construction of transport facilities, in the reconstruction and construction of industrial, agricultural and trade buildings had the greatest impact on the overall level of construction costs.
Changes of construction costs by main resource groups
compared to corresponding month of previous year
Compared with the 3rd quarter of 2009, construction costs in the 3rd quarter of 2010 decreased on average by 1.2%. The maintenance and operational costs of machinery and equipment reduced by 6.0%, but the prices of building materials decreased by 0.6%. Labour remuneration of workers grew by 4.1%.
Reduction of costs in the construction of underground main pipelines and construction of office buildings had the greatest lowering impact on the overall level of construction costs.
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 October 2010 will be published on 2 December 2010.
Prepared by Producer Price Indices Section
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