Construction costs slightly up on year in Latvia

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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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