In August level of construction costs reduced by 0.1 %
Data of the Central Statistical Bureau (CSB) show that, compared to July, in August 2019 the level of construction costs in Latvia fell by 0.1 %. Prices of building materials decreased by 0.2 %, labour remuneration of workers – by 0.1 %, while maintenance and operational costs of machinery and equipment did not change significantly.
In August, the average level of construction costs was mainly affected by the decrease in prices of metal structures, small metal products and asphalt concrete.
Compared to August 2018, construction costs rose by 3.9 %. Labour remuneration of workers increased by 6.7 %, prices of building materials – by 3.6 %, and maintenance and operational costs of machinery and equipment – by 2.4 %.
In 2019, the data on prices of construction resources were provided by approximately 200 construction enterprises and more than 50 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 2018. The share of enterprises with the value of own account construction work exceeding EUR 1 million per year accounted for 87 %, in 36 % 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.
Information on changes of construction costs in September 2019 will be published on 25 October.