Analytics, Construction, Latvia, Real Estate

Labour remuneration of workers went up by 3.1%, maintenance and operational costs of machinery and equipment – by 0.4%, but prices of building materials reduced by 0.4%.

In December 2014, compared to the corresponding period of 2013, construction costs increased by 0.9%. Labour remuneration of workers increased by 3.8%, maintenance and operational costs of machinery and equipment – by 2.0%, but prices of building materials reduced by 0.6%.

In December 2014, compared to November, construction costs increased by 0.5%. Prices of building materials increased by 1.0%, labour remuneration of workers – by 0.3%, but maintenance and operational costs of machinery and equipment reduced by 0.3%.

Construction cost indices in 2014 (2010=100)

Data source: Central Statistical Bureau of Latvia

In 2014, data on the prices of construction resources were provided by about 180 construction enterprises and 30 trade enterprises. Construction cost calculations are based on the prices of building materials submitted by the enterprises for the calculation of producer price indices in industry and import price indices.

The sample includes construction enterprises with the highest value of own account construction works in 2013. The share of enterprises with the value of own account construction work exceeding EUR 1.4 million per year comprised 64%, in 20% of which the value of own account construction work exceeded EUR 7 million per year. The criterion for the sample of trade enterprises is their turnover and specialisation.

More information on construction costs is available in the Producer prices. Information on changes of construction costs in January 2015 will be published on 27 February.