Construction costs up 7.4% on year in Latvia

Take note – story published 1 year ago

Data published by the Central Statistical Bureau on May 29 show that in April 2023, compared to April 2022, the level of construction costs in Latvia increased by 7.4 %. 

Labour remuneration of workers increased by 8.6 %, maintenance and operational costs of machinery and equipment – by 8.0 %, but prices of building materials rose by 6.7 %.

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In April 2023, compared to March, the level of construction costs decreased by 0.1 %. Prices of building materials fell by 1.2 %, but labour remuneration of workers increased by 1.7 %, and maintenance and operational costs of machinery and equipment rose by 0.7 %.

In April, the average level of construction costs was mostly affected by the decrease in prices of asphalt concrete, as well as of metal and metal products. Labour remuneration to auxiliary workers of road building, workers carrying out finishing works (roofers, plasterers, sanitary technicians and others), as well as assemblers and electricians also had an increasing impact.

Information on changes of construction costs in May 2023 will be published on 28 June.

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