Compared to April, the average level of construction costs in Latvia in May 2013 increased by 0.8%. Labour remuneration of workers grew by 2.1%, prices of building materials – by 0.6%, maintenance and operational costs of machinery and equipment – by 0.4%.
In May the average level of construction costs was mostly affected by price growth of road construction materials, as well as increase of labour remuneration of workers in construction of non-residential buildings.
As compared to May of the previous year construction costs rose by 3.4%. Labour remuneration of workers grew by 5.8%, prices of building materials – by 2.4%, maintenance and operational costs of machinery and equipment – by 2.3%.
Over a year overall level of construction costs was mainly affected by increase of building materials in construction of transport facilities.
Changes in construction costs compared to the corresponding month of the previous year, %
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 June 2013 will be published on 26 July 2013.
Producer Price Indices Section
Aļona Ivanova, phone: +371 67366798
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