In July overall level of construction costs has remained the same
Data of Central Statistical Bureau (CSB) show that, compared to June, level of construction costs in Latvia in July 2019 remained the same. Maintenance and operational costs of machinery and equipment grew by 0.2 %, prices of building materials – by 0.1 %, but labour remuneration of workers decreased by 0.4 %.
In July, the average level of construction costs was mainly affected by the increase in maintenance and operational costs of lorries, as well as by the increase in prices of asphalt concrete, metal structures and small metal products. Dolomite chips and labour remuneration of assemblers had downward effect.
Compared to July 2018, construction costs rose by 3.9 %. Labour remuneration of workers increased by 6.8 %, prices of building materials – by 3.3 %, but maintenance and operational costs of machinery and equipment – by 2.7 %.
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 August 2019 will be published on 26 September.