Analytics, Construction, Latvia, Statistics

In December 2016, compared to November, construction costs in Latvia grew by 0.5%. Prices of building materials rose by 1.1%, whereas labour remuneration of workers decreased by 0.3% and maintenance and operational costs of machinery and equipment dropped by 0.2 %.

In December, the average level of construction costs was mostly affected by an increase in the prices of asphalt concrete and sand.

Construction cost indices
(2010=100)

In the 4th quarter of 2016, as compared to the 3rd quarter, the overall level of construction costs decreased by 0.1%. Maintenance and operational costs of machinery and equipment dropped by 0.3%, while no significant changes were experienced in the prices of building materials and labour remuneration of workers.

In the 4th quarter of 2016, as compared to the 4th quarter of 2015, the overall level of construction costs increased by 0.1%. Labour remuneration of workers grew by 3.8%, maintenance and operational costs of machinery and equipment rose by 1.3%, whereas prices of building materials decreased by 2.0%.

The average 12-month level of construction costs of 2016 decreased by 0.5% in comparison to the average 12-month level of 2015. Prices of building materials dropped by 3.2%, however, labour remuneration of workers grew by 4.8% and maintenance and operational costs of machinery and equipment increased by 1.1%.

In 2016, data on the prices of construction resources were 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 were also used.

The sample included 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 mln per year accounted for 74%, in 33% of which the value of own account construction work exceeded EUR 5 mln per year. The criterion for the sample of trade enterprises is their turnover and specialisation.