Analytics, Construction, Latvia, Real Estate

Average level of labour remuneration of workers was mostly affected by remuneration of workers in construction of residential and non-residential buildings, while average level of labour remuneration in transport facilities slightly reduced.

Compared to September of the previous year, average level of construction costs grew by 0.4%. Labour remuneration of workers increased by 3.5%, maintenance and operational costs of machinery and equipment – by 0.1%, while prices of building materials declined by 0.2%.

Construction cost indices (2010=100)

Data source: Central Statistical Bureau of Latvia

In the 3^rd quarter of 2014, compared to the 3^rd quarter of 2013, on average construction costs increased by 0.2%. Labour remuneration of workers went up by 3.0%, maintenance and operational costs of machinery and equipment – by 0.1%, prices of building materials reduced by 0.6%.

In 2014 data on prices of construction resources are provided by about 180 construction enterprises and 30 trade enterprises. Construction cost index 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 2013. The share of enterprises with the value of own account construction work exceeding EUR 1.4 million per year accounted for 64%, in 20% of which the value of own account construction work exceeded EUR 7 million per year. The criterion for the sample of trade enterprises is their turnover and specialisation.

More information on construction costs is available in the Producer prices.