Construction costs in January decreased by 0.2%

28.02.2014

In January 2014, compared to December of the previous year, level of construction costs in Latvia reduced by 0.2%. Labour remuneration of workers dropped by 2.7% if compared to December. It must be taken into account that labour remuneration on the previous month also included irregular premiums for the results achieved over a year. Maintenance and operational costs of machinery and equipment rose by 0.5%, prices of building materials remained the same.

Compared to January of previous year, construction costs grew by 0.5%.  Labour remuneration of workers grew by 2.9%, prices of building materials – by 0.3%, but maintenance and operational costs of machinery and equipment reduced by 0.7%.

Construction cost indices (2010=100)

In January of this year weights used in calculation of construction cost index, which reflect value and structure of own account construction work done by construction enterprises in 2013, were updated. In 2014 data on the prices of construction resources are provided by about 180 construction enterprises and 30 trade enterprises. Construction cost index 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 work in 2013. The share of enterprises with the value of own account construction work exceeding EUR 1.4 million per year comprised 64%, in 20% of which the value of own account construction work exceeded EUR 7 million per year. The criterion for the sample of trade enterprises is their turnover and specialization.

More information on construction costs is available in the CSB Database.Information on changes of construction costs in February 2014 will be published on 27 March.

More information:
Producer Price Indices Section
Jeļena Kovaļova
Tel. +371 67366884