Prices of building materials rose by 24.7 %, maintenance and operational costs of machinery and equipment – by 17.5 %, but labor remuneration of workers – increased by 10.3 %.
In December 2022, compared to November 2022, the level of construction costs rose by 0.4 %. Labour remuneration of workers rose by 0.9 %, and prices of building materials, as well as maintenance and operational costs of machinery and equipment increased by 0.2 %.
In December, the average level of construction costs was mostly affected by an increase in labour remuneration to electricians, as well as to carpenters and builders.
In the 4th quarter of 2022, compared to the 4th quarter of 2021, the level of construction costs rose by 19.4 %. Prices of building materials went up by 24.7 %, maintenance and operational costs of machinery and equipment – by 18.0 %, but labour remuneration of workers – increased by 10.4 %.
In the 4th quarter of 2022, compared to the 3rd quarter of 2022, the level of construction costs rose by 1.7 %. Prices of building materials, as well as maintenance and operational costs of machinery and equipment, increased by 1.9 %, but labour remuneration of workers – by 1.1 %.
In 2022, the 12-month average level of construction costs in Latvia increased by 19.7 %, compared to the 12-month average level of 2021. Prices of building materials rose by 26.3 %, maintenance and operational costs of machinery and equipment – by 16.7 %, but labour remuneration of workers – increased by 9.3 %.
