Construction costs up 1.7% on year in Latvia

Data published December 29 by the Central Statistical Bureau show that in November 2023, compared to November 2022, the level of construction costs in Latvia increased by 1.7 %.

Labor remuneration of workers increased by 7.1 %, maintenance and operational costs of machinery and equipment – by 3.9 %, while prices of building materials fell by 1.7 %.

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In November 2023, compared to October, the level of construction costs rose by 0.3 %. Prices of building materials, as well as labor remuneration of workers went up by 0.4 %, maintenance and operational costs of machinery and equipment rose by 0.1 %.

In November, the average level of construction costs was mostly affected by the increase in prices of mineral materials, as well as of metal and metal products.

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