Construction costs slightly up on year in Latvia

Data of the Central Statistical Bureau published September 27 show that in August 2023, compared to August 2022, the level of construction costs in Latvia increased by 3.0 %.

Labor remuneration of workers increased by 6.7 %, maintenance and operational costs of machinery and equipment by 4.8 % and prices of building materials rose by 0.6 %.

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In August 2023, compared to July, the level of construction costs rose by 0.1 %. Prices of building materials grew by 0.2 %, labour remuneration of workers – by 0.1 %, but maintenance and operational costs of machinery and equipment didn’t change.

In August, the average level of construction costs was mostly affected by a rise in prices of asphalt concrete and dolomite breakstone.

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