In September construction costs decreased by 0.4%
Data of the Central Statistical Bureau (CSB) show that compared to August, the level of construction costs in Latvia in September 2015 decreased by 0.4%. Prices of building materials went down by 0.6%, maintenance and operational costs of machinery and equipment – by 0.5%, in turn labour remuneration of workers rose by 0.5%. Price drop of building materials was mostly affected by decrease in prices of road construction materials.
Compared to September of the previous year, construction costs decreased by 0.5%. Prices of building materials dropped by 2.6%, maintenance and operational costs of machinery and equipment – by 0.7%, while labour remuneration of workers rose by 6.5%.
|Construction Cost Indices|
(2010 = 100)
Data source: Central Statistical Bureau of Latvia
In the 3rd quarter of 2015, as compared to the 3rd quarter of 2014, the overall level of construction costs decreased by 0.1%. Prices of building materials fell by 2.1%, maintenance and operational costs of machinery and equipment – by 0.2%, in turn labour remuneration of workers grew by 6.5%.
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 accounted for 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 section Producer Prices. Data on changes of construction costs in October 2015 will be published on 27 November.
Producer Price Indices Section
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