Building materials cheaper in June but labor costs still rising in Latvia

Data published by the Central Statistical Bureau July 25 show that in June 2024, compared to June 2023, the level of construction costs in Latvia increased by 2.4 %.

Labor remuneration of workers increased by 6.9 %, maintenance and operational costs of machinery and equipment – by 3.3 %, while prices of building materials fell by 0.3 %.

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In June 2024, compared to May, the level of construction costs decreased by 0.1 %. Prices of building materials fell by 0.6 %, while labor remuneration of workers grew by 0.8 %, and maintenance and operational costs of machinery and equipment increased by 0.1 %.

In June, the average level of construction costs was mostly affected by a drop in prices of asphalt concrete, as well as of metal structures and small metal products.

In Q2 2024, compared to Q2 2023, the level of construction costs rose by 2.3 %. Labor remuneration of workers increased by 6.3 %, maintenance and operational costs of machinery and equipment – by 3.2 %, but level of prices of building materials remained the same.

Compared to Q1, in Q2 of 2024 the overall level of construction costs rose by 0.4 %. Labor remuneration of workers rose by 2.1 %, maintenance and operational costs of machinery and equipment by 0.7 %, while prices of building materials reduced by 0.7 %.

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