Construction costs up by 10.9% in March in Latvia

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Data published on April 28 by the Central Statistical Bureau show that in March 2023, compared to March 2022, the level of construction costs in Latvia increased by 10.9 %.

Prices of building materials rose by 12.2 %, maintenance and operational costs of machinery and equipment – by 10.0 %, but labor remuneration of workers increased by 9.1 %.

<iframe src="https://stat.gov.lv/en/chart/pr2023bii04en" width="640" height="280"></iframe>

In March 2023, compared to February, the level of construction costs rose by 0.1 %. Labour remuneration of workers as well as maintenance and operational costs of machinery and equipment rose by 0.2 %, but prices of building materials remained the same.

In March, the average level of construction costs was mostly affected by the increase in labour remuneration to assemblers, pavers, and electricians, as well as the growth of maintenance and operational costs of machinery and equipment of trucks and semi-trailers.

In Q1 2023, compared to Q1 2022, the level of construction costs rose by 14.2 %. Prices of building materials went up by 17.0 %, maintenance and operational costs of machinery and equipment – by 12.8 %, but labour remuneration of workers – increased by 9.8 %.

In Q1 2023, compared to Q4 2022, the level of construction costs rose by 0.8 %. Labour remuneration of workers increased by 1.6 %, maintenance and operational costs of machinery and equipment – by 1.3 %, but prices of building materials – rose by 0.3 %.

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