Construction costs continue to rise in Latvia

Data published by the Central Statistical Bureau (CSB) July 27 show that in June 2022, compared to June 2021, the level of construction costs in Latvia increased by 21.9 %. 

Prices of building materials rose by a considerable margin at 29.8 %, maintenance and operational costs of machinery and equipment by 18.4 %, and labor remuneration of workers by 9.5 %.

In June 2022, compared to May, the level of construction costs rose by 1.0 %. Labor remuneration of workers went up by 1.3 %, while prices of building materials as well as maintenance and operational costs of machinery and equipment rose by 0.9 %.

"In June, the average level of construction costs was mostly affected by the increase in labor remuneration for auxiliary workers of road building and construction of artificial structures, assemblers, as well as painters and workers of related professions. Increase in prices of metal structures and small metal products exerted upward influence as well," said the CSB.

In the 2nd quarter of 2022, compared to the 2nd quarter of 2021, the overall level of construction costs grew by 22.0 %. Prices of building materials went up by 30.4%, maintenance and operational costs of machinery and equipment by 17.8%, and labour remuneration of workers by 9.2%.

 

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