Press Release

Construction costs in the 2ndquarter of 2007

Compared with the 2nd quarter of 2006, construction costs in Latvia in the 2nd quarter of 2007 rose on average by 29.1%, according to the Central Statistical Bureau. The most rapid rise (by 47.9%) could be seen in the labour remuneration of workers. The maintenance and operational costs of machinery and equipment increased by 36.6% and the prices of construction materials rose by 15.6%. The most notable increases in construction costs were 37.9 % in the renovation of office buildings, in the reconstruction and construction of education, healthcare and sports buildings (by 34.2%). Costs in the construction of residential buildings increased by 30.5%, in the construction of transport facilities - by 26.9%, in the reconstruction and construction of industrial, agricultural and trade buildings - by 25.3% and in the construction of underground main pipelines - by 23.4%.

Compared with the 1st quarter, construction costs in the 2nd quarter of this year increased on average by 7.7%, the labour remuneration of workers increased by 17.8%, the maintenance and operational costs of machinery and equipment - by 8.7%, the prices of construction materials – by 0.6%. The highest cost increases were in the renovation of office buildings – by 13.4% and in the construction of residential buildings – by 8.0%. In the reconstruction and construction of education, healthcare and sports buildings, as well as in the construction of transport facilities construction costs increased by 6.9%. In the reconstruction and construction of industrial, agricultural and trade buildings construction costs increased by 6.1% and in the construction of underground main pipelines rose by 5.2%.

Prepared by Price Statistics Department
Producer Price Indices Section
Tel. 67366813
Aleksandrs Gržibovskis

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