Analytics, Construction, Latvia, Statistics

Compared to September 2015, construction costs increased by 0.1%. Labour remuneration of workers grew by 4.3 %, maintenance and operational costs of machinery and equipment rose by 1.9%, whereas prices of building materials decreased by 2.4%.

In September, the average level of construction prices was mostly affected by an increase in the wages and salaries of building finishers and related trades workers (roofers, plasterers, plumbers and pipe fitters and others).

                                                              (2010=100)

In the 3rd quarter of 2016, as compared to the 2nd quarter of 2016, the overall level of construction costs increased by 0.3%. Prices of building materials grew by 0.1%, while labour remuneration of workers increased by 1.2% and maintenance and operational costs of machinery and equipment rose by 0.3%.

In the 3rd quarter of 2016, as compared to the 3rd quarter of 2015, the overall level of construction costs did not change significantly. Prices of building materials dropped by 2.6%, whereas labour remuneration of workers increased by 4.6% and maintenance and operational costs of machinery and equipment grew by 1.6%.

In 2016, data on prices of construction resources are provided by approximately 180 construction enterprises and more than 30 trade enterprises. When calculating the Construction Cost Index, 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 2015. The share of enterprises with the value of own account construction work exceeding EUR 1 million per year accounted for 74%, in 33% 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.