Analytics, Construction, Latvia, Real Estate

Major impact on the overall level of construction costs had decrease of construction costs of transport facilities, as well as in renovation and construction of education, healthcare and sports buildings.

In July 2009, compared to July 2008, construction costs diminished on average by 13.4%. Among main resource groups labour remuneration of workers reduced most rapidly – by 23.7%. Prices of building materials reduced by 10.4%, but maintenance and operational costs of machinery and equipment – by 4.2%. Reduction of construction costs of transport facilities and of industrial, agricultural and trade buildings had the greatest lowering impact on the total level of construction costs.

Every month data on the prices of construction resources are obtained from 132 construction enterprises and 29 trade enterprises. Construction enterprises provide price data for all resources while trade enterprises indicate only the prices of building materials. The construction enterprises-respondents are selected by way of target sampling choosing the enterprises with the highest value of own account construction.

The sampled construction enterprises differ in specialisation and represent various regions of Latvia. The criterion for the sample of trade enterprises is their size and specialisation.