Construction costs in September reduced by 0.1%
Compared to August, the average level of construction costs in Latvia in September 2013 dropped by 0.1%. Prices of building materials decreased by 0.6%. Labour remuneration of workers grew by 0.9%, maintenance and operational costs of machinery and equipment – by 0.2%.
In September the average level of construction costs was mostly affected by price decrease of road construction materials.
As compared to September of the previous year construction costs increased by 0.6%. Maintenance and operational costs of machinery and equipment rose by 2.0%, prices of building materials – by 0.2%. Labour remuneration of workers decreased by 0.2%.
Over a year overall level of construction costs was mostly affected by price increase of building materials in construction of transport facilities.
Changes in construction costs
compared to the corresponding month of the previous year, %
Data source: Central Statistical Bureau of Latvia
In the 3rd quarter of 2013, compared to the 3rd quarter of 2012, construction costs on average increased by 1.2%. Maintenance and operational costs of machinery and equipment grew by 2.1%, labour remuneration of workers – by 2.0% and prices of building materials – by 0.4%.
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 October 2013 will be published on 28 November 2013.
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