Construction costs in March decreased by 0.1%
According to the data of the Central Statistical Bureau of Latvia (CSB),compared to February, level of construction costs in Latvia in March 2015 reduced by 0.1%. Prices of building materials dropped by 0.4%, but labour remuneration of workers increased by 0.1% and maintenance and operational costs of machinery and equipment – by 0.2%. Price drop of building materials was mostly affected by price reduction of road construction materials.
Compared to March of the previous year, construction costs grew by 0.4%. Labour remuneration of workers increased by 6.7%, maintenance and operational costs of machinery and equipment - by 0.4%, but prices of building materials reduced by 1.3%.
Construction cost indices
Data source: Central Statistical Bureau of Latvia
The average construction costs in the 1st quarter of 2015 as compared to the 1st quarter of 2014 increased by 1.2%. Labour remuneration of workers went up by 7.2%, maintenance and operational costs of machinery and equipment – by 1.1%, prices of building materials reduced by 0.4%.
In 2015 data on prices of construction resources are provided by about 190 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 works in 2014. The share of enterprises with the value of own account construction work exceeding EUR 1 million per year comprised 60%, in 27% of which the value of own account construction work exceeded EUR 5 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 CSB database in section "Producer prices". Data on changes of construction costs in April 2015 will be published on 29 May.
Producer Price Indices Section
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