Construction cost growth in March - 1.3%

29.04.2014

Compared to February, level of construction costs in Latvia in March increased by 1.3%. Maintenance and operational costs of machinery and equipment grew by 1.7%, prices of building materials - by 1.1% and labour remuneration of workers - by 0.9%.

Compared to March of the previous year, construction costs grew by 1.1%. Labour remuneration of workers increased by 2.0%, maintenance and operational costs of machinery and equipment - by 1.0% and prices of building materials - by 0.8%.

Construction cost indices

(2010=100)

Data source: Central Statistical Bureau of Latvia

Construction costs in the 1st quarter of 2014 as compared to the 1st quarter of 2013 increased on average by 0.5%. Labour remuneration of workers grew by 2.2% and prices of building materials - by 0.4%. Maintenance and operational costs of machinery and equipment dropped by 0.4%.

In 2014 data on the prices of construction resources are provided by about 180 construction enterprises and 30 trade enterprises. 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 2013. The share of enterprises with the value of own account construction work exceeding EUR 1.4 million (LVL 1.0 million) per year comprised 64%, in 20% of which the value of own account construction work exceeded EUR 7 million (LVL 5.0 million) per year. The criterion for the sample of trade enterprises is their turnover and specialisation.

More information on construction costs is available in the Producer prices. Information on changes of construction costs in April 2014 will be published on 29 May.

 

More information:
Producer Price Indices Section
Jeļena Kovaļova
tel. 67366884