Compared to February, the average level of construction costs in Latvia in March 2013 reduced by 0.2%, according to the latest data of Central Statistical Bureau. Maintenance and operational costs of machinery and equipment dropped by 0.5%, in its turn, prices of building materials increased by 0.5%, but labour remuneration of workers – by 0.4%.
As compared to March of the previous year construction costs increased by 4.5%. Labour remuneration of workers grew by 11.1%, maintenance and operational costs of machinery and equipment – by 3.7%, prices of building materials – by 1.4%. Rise of costs on civil engineering structures had the most significant increasing impact on the overall level of construction costs.
Changes in construction costs by main resource group
compared to the corresponding month of the previous year, %
In the 1st quarter of 2013, compared to the 1st quarter of 2012, on average construction costs increased by 5.2%. Labour remuneration of workers grew by 13.7%, maintenance and operational costs of machinery and equipment – by 3.7%, prices of building materials – by 1.3%.
This year data on the prices of construction resources are provided by about 180 construction enterprises and 30 trade enterprises. Moreover, 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 2012. The share of enterprises with the volume of own account construction works exceeding LVL 1 million comprised 79%, in 20% of which the volume of own account construction works exceeded LVL 5 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 April 2013 will be published on 29 May 2013.
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