In September, construction costs grew by 0.1 %

27.10.2016

Data of the Central Statistical Bureau (CSB) show that, compared to August, in September 2016 the level of construction costs in Latvia increased by 0.1 %. Prices of building materials, as well as maintenance and operational costs of machinery and equipment did not change significantly, whereas labour remuneration of workers grew by 0.5 %.

Compared to September 2015, construction costs increased by 0.1 %. Labour remuneration of workers grew by 4.3 %, maintenance and operational costs of machinery and equipment rose by 1.9 %, whereas prices of building materials decreased by 2.4 %.

In September, the average level of construction prices was mostly affected by an increase in the wages and salaries of building finishers and related trades workers (roofers, plasterers, plumbers and pipe fitters and others).

Construction cost indices
(2010=100)

In the 3rd quarter of 2016, as compared to the 2nd quarter of 2016, the overall level of construction costs increased by 0.3 %. Prices of building materials grew by 0.1 %, while labour remuneration of workers increased by 1.2 % and maintenance and operational costs of machinery and equipment rose by 0.3 %.

In the 3rd quarter of 2016, as compared to the 3rd quarter of 2015, the overall level of construction costs did not change significantly. Prices of building materials dropped by 2.6 %, whereas labour remuneration of workers increased by 4.6 % and maintenance and operational costs of machinery and equipment grew by 1.6 %.

In 2016, data on prices of construction resources are provided by approximately 180 construction enterprises and more than 30 trade enterprises. When calculating the Construction Cost Index, prices of building materials submitted by enterprises for the calculation of producer price indices in industry and import price index are also used.

The sample includes construction enterprises with the highest value of own account construction works in 2015. The share of enterprises with the value of own account construction work exceeding EUR 1 million per year accounted for 74 %, in 33 % 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 Producer Prices section of the CSB database. Data on changes of construction costs in October 2016 will be published on 28 November.

 

Media requests:
Beate Danusēviča
Information and Communication Section
E-mail: media [at] csb [dot] gov [dot] lv
Phone: +371 67366924, +371 27880666
www.csb.gov.lv
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More information on data:
Anita Merca
Producer Price Indices Section
E-mail: Anita [dot] Merca [at] csb [dot] gov [dot] lv
Phone: +371 67366813