Analytics, Construction, Latvia, Real Estate, Wages
International Internet Magazine. Baltic States news & analytics
Thursday, 28.03.2024, 21:29
In June, the level of construction costs in Latvia increased by 0.1%
In June, the average level of construction costs was mostly affected by an increase in labour remuneration to assemblers, as well as carpenters and builders, electricians, painters and workers of related professions. Reduction in prices of asphalt concrete, as well as of metal structures and small metal products had decreasing impact.
Compared to June 2019, construction costs rose by 1.0 %. Labour remuneration of workers rose by 6.6 %, maintenance and operational costs of machinery and equipment – by 0.4 %, but prices of building materials – fell by 1.2 %.
In the 2nd quarter of 2020, compared to the 1st quarter, the overall level of construction costs did not change. Labour remuneration of workers grew by 2.4 %, prices of building materials – decreased by 1.1 %, but maintenance and operational costs of machinery and equipment – fell by 0.1 %.
In the 2nd quarter of 2020, compared to the 2nd quarter of 2019, the overall level of construction costs rose by 1.4 %. Labour remuneration of workers rose by 7.2 %, maintenance and operational costs of machinery and equipment – by 0.4 %, but prices of building materials – reduced by 0.6 %.
In 2020, 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. Additionally, registered consumer prices of building materials are used in calculations.
The sample includes construction enterprises with the highest value of own account construction works in 2019. The share of enterprises with the value of own account construction work exceeding EUR 1 million per year accounted for 90 %, 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 July 2020 will be published on 27 August.
Report on prices of construction resources for June were submitted by 97.2 % enterprises; the volume and quality of the data submitted does not differ significantly from previous periods. Overall index of construction costs in June corresponds to statistical basic principles and general quality criteria.
More information on construction cost indices in Latvia is available in the CSB database section "Producer prices – Metadata".
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