Labor remuneration of workers increased by 6.7 %, maintenance and operational costs of machinery and equipment – by 3.9 %, while prices of building materials fell by 1.7 %.
In December 2023, compared to November 2023, the level of construction costs rose by 0.2 %. Labor remuneration of workers rose by 0.5 %, prices of building materials went up by 0.2 %, and maintenance and operational costs of machinery and equipment – by 0.1 %.
In December, the average level of construction costs was mostly affected by an increase in labor remuneration to assemblers, as well as workers carrying out finishing works (roofers, plasterers, sanitary technicians and others).
In the 4th quarter of 2023, compared to the 4th quarter of 2022, the level of construction costs rose by 1.6 %. Labor remuneration of workers increased by 6.8 %, maintenance and operational costs of machinery and equipment – by 4.0 %, while prices of building materials fell by 1.6 %.
In the 4th quarter of 2023, compared to the 3rd quarter of 2023, the level of construction costs rose by 0.4 %. Labor remuneration of workers increased by 1.0 %, maintenance and operational costs of machinery and equipment – by 0.9 %, while prices of building materials fell by 0.2 %.
In 2023, the 12-month average level of construction costs in Latvia increased by 5.9 %, compared to the 12-month average level of 2022. Labor remuneration of workers increased by 7.8 %, maintenance and operational costs of machinery and equipment – by 7.0 %, prices of building materials – by 4.6 %.
