Construction costs in October increased by 0.3%

28.11.2013

Compared to September, the average level of construction costs in Latvia in October 2013 grew by 0.3%. Maintenance and operational costs of machinery and equipment rose by 0.6%, prices of building materials – by 0.3%. Labour remuneration of workers dropped by 0.2%, mainly in engineering field professions.

In October the average level of construction costs was mostly affected by price increase of dolomite gravel and asphalt concrete needed in road construction.

As compared to October of the previous year construction costs increased by 1.4%. Maintenance and operational costs of machinery and equipment grew by 2.5%, labour remuneration of workers – by 2.0% and prices of building materials – by 0.5%.

Over a year overall level of construction costs was mostly affected by price increase of building materials in construction of transport facilities.

Construction cost indices

(2010=100)

Data source: Central Statistical Bureau of Latvia

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 November 2013 will be published on 28 December 2013.

 

 

More information:
Producer Price Indices Section
Aļona Ivanova
Tel. +371 67366798