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Construction costs rose in June in Latvia

Data published July 27 by the Central Statistical Bureau (CSB) show that, compared to May 2021, in June 2021, the level of construction costs in Latvia rose by 1.3 %.

Prices of building materials rose by 1.8 %, labor remuneration of workers - by 1.0 %, and maintenance and operational costs of machinery and equipment – by 0.4 %.

In June, the average level of construction costs was mostly affected by an increase in prices of metal, metal products, as well as dolomite chips.

Compared to June 2020, construction costs rose by 6.1 %. Prices of building materials rose by 8.1 %, labor remuneration of workers - by 4.0 %, and maintenance and operational costs of machinery and equipment – by 3.8 %.

In the 2nd quarter of 2021, compared to the 1st quarter, the overall level of construction costs increased by 3.4 %. Prices of building materials rose by 4.3 %, labour remuneration of workers - by 2.6 %, and maintenance and operational costs of machinery and equipment – by 2.2 %.

In the 2nd quarter of 2021, compared to the 2nd quarter of 2020, the overall level of construction costs increased by 4.7 %. Prices of building materials rose by 5.8 %, labour remuneration of workers - by 3.8 %, and maintenance and operational costs of machinery and equipment – by 3.4 %.

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