Construction costs up slightly in Latvia

Data published by the Central Statistical Bureau March 27 show that in February 2024, compared to February 2023, the level of construction costs in Latvia increased by 1.9 %. 

Labor remuneration of workers increased by 6.3 %, maintenance and operational costs of machinery and equipment by 3.6 %, but prices of building materials fell by 0.7 %.

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In February 2024, compared to January, the level of construction costs rose by 0.2 %. Maintenance and operational costs of machinery and equipment increased by 0.3 %, prices of building materials – by 0.2 %, but level of labour remuneration of workers remained unchanged.

In February, the average level of construction costs was mostly affected by growth of maintenance and operational costs of machinery and equipment of excavators and semi-trailers.

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