Analytics, Construction, Latvia, Statistics
International Internet Magazine. Baltic States news & analytics
Friday, 29.03.2024, 11:41
In July, overall level of construction costs in Latvia fell by 0.2%
Labour remuneration of workers fell by 0.4 %, prices of building materials – by 0.3%, while maintenance and operational costs of machinery and equipment – increased by 0.2%.
In July, the average level of construction costs was mostly affected by a decrease in prices of asphalt concrete and dolomite breakstone. Labour remuneration to electricians, painters and workers of related professions, as well as to workers carrying out finishing works (roofers, plasterers, sanitary technicians and others) also had decreasing impact.
Compared to July 2019, construction costs rose by 0.7%. Labour remuneration of workers rose by 6.7%, maintenance and operational costs of machinery and equipment – by 0.4%, but prices of building materials – fell by 1.6%.
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 mln per year accounted for 90%, in 36% 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.
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