In February, construction costs grew by 0.2 %
Data of the Central Statistical Bureau (CSB) show that, compared to January, in February 2017 the level of construction costs in Latvia increased by 0.2 %. Labour remuneration of workers rose by 0.8 %, prices of building materials as well as maintenance and operational costs of machinery and equipment grew by 0.1 %.
Compared to February 2016, construction costs increased by 0.4 %. Labour remuneration of workers increased by 3.5 %, maintenance and operational costs of machinery and equipment rose by 0.3 %, whereas prices of building materials fell by 0.6 %.
In February, the average level of construction costs was mostly affected by the increase in wages and salaries of building finishers and related trades workers (roofers, plasterers, plumbers and pipe fitters and others).
Construction cost indices
(2010=100, as per cent)
Because of the data revision, the construction cost indices on January 2017 were corrected.
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, 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 criteria used for sampling the trade enterprises are their turnover and specialisation.
Statistics on the changes of construction costs in March 2017 will be published on 28 April.