On changes of construction costs in the 3rd quarter of 2008
Compared to the 3rd quarter of 2007, construction costs in Latvia in the 3rd quarter of 2008 rose on average by 13.9%, according to the data of the Central Statistical Bureau. The most rapid rise (by 20.4%) was observed in the labour remuneration of workers. The maintenance and operational costs of machinery and equipment increased by 13.1% and the prices of building materials rose by 5.4%.
The most notable rise of construction costs was recorded in the renovation of office buildings – by 17.7%, the increase is related to the high share of remuneration of employees working in construction of these buildings. But the lowest growth of construction costs was in the construction of family houses, there costs rose by 7.2%.
Changes of construction costs by main resource groups,
Compared to the 2nd quarter, construction costs in the 3rd quarter of this year increased on average by 1.8%.
The maintenance and operational costs of machinery and equipment increased by 2.9%, and the prices of building materials rose by 2.7%. Labour remuneration of workers grew by 0.5%.
The highest increase was recorded in construction of transport facilities – by 2.7%. But the lowest growth of construction costs was observed in construction of underground main pipelines – 0.6%.
Prepared by Producer Price Indices Section
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