Construction costs maintain steady trend

Data released November 29 by the Central Statistical Bureau (CSB) show that, compared to September, in October 2017 the level of construction costs in Latvia rose by 0.3 %.

Labor remuneration of workers went up slightly more sharply (by 0.5 %), maintenance and operational costs of machinery and equipment by 0.4 %, and prices of building materials by 0.2 %.

Compared to October 2016, in October 2017 construction costs increased by 2.8 %.

Labor remuneration of workers grew by 4.5 %, prices of building materials by 2.6 %, and maintenance and operational costs of machinery and equipment by 1.8 %.

Latvia construction costs October 2017

In October 2017, the average level of construction costs was mostly affected by the increase in the labor remuneration of building finishers and related trades workers (roofers, plasterers, plumbers and pipe fitters, and others) the CSB said.

In 2017, the data on prices of construction resources are provided by approximately 190 construction enterprises and more than 40 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.


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