In September, construction costs increased by 0.2 %

26.10.2017

Data of the Central Statistical Bureau (CSB) show that, compared to August, in September 2017 the level of construction costs in Latvia grew by 0.2 %. Labour remuneration of workers1 rose by 0.5 %, maintenance and operational costs of machinery and equipment by 0.2 %, and prices of building materials by 0.1 %.

Compared to September 2016, construction costs increased by 2.3 %. Labour remuneration of workers grew by 4.3 %, prices of building materials by 2.2 %, and maintenance and operational costs of machinery and equipment by 1.2 %.

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

Construction cost indices
(2010=100, as per cent)

Compared to the 2nd quarter, in the 3rd quarter of 2017 the overall level of construction costs went up by 0.4 %. Labour remuneration of workers rose by 1.0 %, maintenance and operational costs of machinery and equipment by 0.5 %, and prices of building materials by 0.1 %.

Compared to the 3rd quarter of 2016, in the 3rd quarter of 2017 the overall level of construction costs increased by 2.1 %. Labour remuneration of workers grew by 4.4 %, prices of building materials by 1.9 %, and maintenance and operational costs of machinery and equipment by 0.9 %.

In 2017, the data on prices of construction resources are provided by approximately 190 construction enterprises and more than 40 trade enterprises. When calculating the Construction Cost Index, the 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 2016. The share of enterprises with the value of own account construction work exceeding EUR 1 million per year accounted for 72 %, in 26 % 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. The data on changes of construction costs in October 2017 will be published on 28 November.

More information on construction cost indices in Latvia is available in the CSB Website section Producer Prices – Key Indicators – Metadata.

 

1Hourly gross labour remuneration of workers employed in construction broken down by main professions:
-       bricklayers and workers of related professions;
-       concrete workers and workers of related professions;
-       carpenters and builders;
-       workers carrying out finishing works (roofers, plasterers, sanitary technicians and others);
-       painters and workers of related professions;
-       electricians;
-       asphalt layers;
-       auxiliary workers of road building and construction of artificial structures;
-       assemblers;
-       welders.

 

 

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More information on data:
Aļona Ivanova
Producer Price Indices Section
E-mail: Alona [dot] Ivanova [at] csb [dot] gov [dot] lv
Phone: +371 67366884