On construction cost changes in May 2011
Compared to April, construction costs in May 2011 grew on average by 0.5%, according to the data of Central Statistical Bureau. Labour remuneration of workers increased by 3.0%, the maintenance and operational costs of machinery and equipment remained at the same level, but prices of building materials reduced by 0.1%.
Increase of costs in the reconstruction and construction of industrial, agricultural and trade buildings as well as in the renovation and construction of education, healthcare and sports buildings had the greatest impact on overall level of construction costs.
In comparison with May of the previous year, overall level of construction costs rose by 0.9%. The maintenance and operational costs of machinery and equipment rose by 9.1%, but the price level of building materials did not change. Labour remuneration of workers during this time period diminished by 5.9%.
|Changes of construction costs by main resource groups compared to corresponding month of previous year|
During a year the increase of the overall level of construction costs was influenced by the price growth in construction of transport facilities and in the construction of underground main pipelines.
|Changes of construction costs by objects, compared to corresponding month of previous year, %|
In 2011 the price data on construction resources are obtained from more than 150 construction enterprises and 30 trade enterprises. Construction enterprises provide price data for all resources, while trade enterprises indicate only the prices of building materials. The sample includes construction enterprises with the highest value of own account construction works in 2010. The share of enterprises with volume of work up to LVL 1 million comprise 38%, while in 62% of enterprises the volume of own account construction works exceeded LVL 1 million per year.
The criterion for the sample of trade enterprises is their turnover and specialisation.
Prepared by Producer Price Indices Section