Construction costs up on year, down on month in Latvia

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Central Statistical Bureau (CSB) data published July 27 show that in June 2023, compared to June 2022, the level of construction costs in Latvia increased by 4.1 %. Labour remuneration of workers rose by 6.7 %, maintenance and operational costs of machinery and equipment by 5.8 %, and prices of building materials by 2.2 %.

However, compared to with the previous month, construction costs went down slightly. In June 2023, compared to May, the level of construction costs reduced by 0.2 %. Prices of building materials fell by 0.4 % and maintenance and operational costs of machinery and equipment by 0.1 %, while labour remuneration of workers rose by 0.1 %.

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In June, the average level of construction costs was mostly affected by the reduction in prices of asphalt concrete and crushed dolomite as well as reinforcement bars, reinforcing meshes, frames. Higher labour remuneration of asphalt pavers had upward influence.

A similar pattern was evident in the quarterly figures. In Q2 2023, compared to Q2 2022, the level of construction costs increased by 5.6 %. but in Q2 2023, compared to Q1 2023, the level of construction costs reduced by 0.1 %.

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