Construction costs up 14.3% on year in Latvia

Take note – story published 1 year ago

Data published on March 27 by the Central Statistical Bureau show that in February 2023, compared to February 2022, the level of construction costs in Latvia increased by 14.3 %.

Prices of building materials rose by 17.3 %, maintenance and operational costs of machinery and equipment – by 12.6 %, but labor remuneration of workers – increased by 9.8 %.

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In February 2023, compared to January, construction costs fell by 0.1 %. Prices of building materials decreased by 0.6 %, but labor remuneration of workers – increased by 0.5 %, and maintenance and operational costs of machinery and equipment – rose by 0.3 %.

In February, the average level of construction costs was affected mainly by the decrease in sand prices and metal and metal products.

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