Data from the Central Statistical Bureau show that in September 2023, compared to September 2022, the level of construction costs in Latvia increased by 2.8 %. Labor remuneration of workers increased by 7.0 %, maintenance and operational costs of machinery and equipment by 4.9 %, but prices of building materials remained the unchanged.
In September 2023, compared to August, the level of construction costs rose by 0.3 %. Labour remuneration of workers increased by 0.8 %, maintenance and operational costs of machinery and equipment by 0.7 %, while prices of building materials fell by 0.2 %.
"In September, the average level of construction costs was mostly affected by an increase in labor remuneration to auxiliary workers of road building, workers carrying out finishing works (roofers, plasterers, sanitary technicians and others), as well as and assemblers," said the CSB.
In Q3 2023, compared to Q3 2022, the level of construction costs rose by 3.0 %. Labor remuneration of workers increased by 6.9 %, maintenance and operational costs of machinery and equipment by 5.0 % and prices of building materials by 0.5 %.
Compared to Q2, in Q3 of 2023 the overall level of construction costs rose by 0.5 %. Labor remuneration of workers rose by 1.7 %, maintenance and operational costs of machinery and equipment by 0.7 %, while prices of building materials reduced by 0.1 %.
