Analytics, Construction, Latvia, Real Estate

The overall level of construction costs was mostly influenced by the cost growth in the reconstruction and construction of industrial, agricultural and trade buildings as well as in the renovation and construction of education, healthcare and sports buildings.

Compared to April of the previous year, the overall level of construction costs rose by 6.5%. Labour remuneration of workers increased by 17.0% and maintenance and operational costs of machinery and equipment rose by 13.1%. In its turn, prices of building materials diminished by 0.2%.

Changes in construction costs by main resource group compared to the corresponding month of the previous year, %

Changes in construction costs by type of construction, compared to the corresponding month of the previous year, %

In 2012 the price data on construction resources are obtained from about 180 construction enterprises and 30 trade enterprises. Moreover, construction cost calculations are based on the prices of building materials submitted by the enterprises for the calculation of producer price indices in industry and import price indices.

The sample includes construction enterprises with the highest value of own account construction works in 2011. The share of enterprises with the work volume exceeding LVL 1 million comprised 75%, in 21% of which the volume of own account construction works exceeded LVL 5 million per year. The criterion for the sample of trade enterprises is their turnover and specialization.

More detailed information is available in the CSB Database. Press release on changes of construction costs in May 2012 will be published on 27 June 2012.