Press Release

On changes of construction costs in January 2009

Compared to December 2008 construction costs in January 2009 decreased on average by 1.9%. The most rapid decrease of construction costs was observed in the construction of hotels and family houses (by 3.8% and 3.2%, respectively), as well as in the renovation and construction of education, healthcare and sports buildings (by 2.9%). The most rapid reduction (by 7.4%) was observed in the labour remuneration of workers.

Compared to the January 2008 construction costs in Latvia in January 2009 rose on average by 1.0%, according to the data of the Central Statistical Bureau. The maintenance and operational costs of machinery and equipment, as well as prices of building materials increased by 4.3% and 0.7%, respectively. Labour remuneration of workers, in turn, decreased by 2.7%.

The most notable increase of construction costs was recorded in the construction of office buildings and in the construction of transport facilities. There prices grew by 5.7% and 1.2%, respectively. But prices in the construction of family houses and hotels reduced by 3.1% and 2.9%.

Starting with 2009 changes of construction cost index are calculated every month. For the calculations of construction cost index weights and base of price comparison (December 2008) are updated.

Prepared by Producer Price Indices Section 
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Jeļena Dobkeviča

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