Construction costs slightly up in December in Latvia

Data published January 27 by the Central Statistical Bureau show that, compared to November, in December 2021, the level of construction costs in Latvia increased by 0.5%.

 Labour remuneration of workers rose by 1.0 %, maintenance and operational costs of machinery and equipment – by 0.7 %, and prices of building materials increased by 0.2 %.

In December, the average level of construction costs was mostly affected by an increase in remuneration for electricians and assemblers.

Compared to December 2020, in December 2021, the level of construction costs rose by 12.0 %. Prices of building materials rose by 17.8 %, maintenance and operational costs of machinery and equipment – by 7.3 % and labor remuneration of workers increased by 4.7 %.

Compared to the third quarter, in the fourth quarter of 2021 the overall level of construction costs increased by 2.7 %.  Prices of building materials rose by 4.0 %, maintenance and operational costs of machinery and equipment – by 2.0 % and labour remuneration of workers increased by 0.8 %.

In the fourth quarter of 2021, compared to the fourth quarter of 2020, the overall level of construction costs increased by 11.7 %. Prices of building materials rose by 17.5 %, maintenance and operational costs of machinery and equipment – by 6.9 % and labour remuneration of workers increased by 4.5 %.

The average 12-month level of construction costs of 2021 increased by 6.7 % in comparison to the average 12-month level of 2020. Prices of building materials rose by 9.1 %, maintenance and operational costs of machinery and equipment, as well as labour remuneration of workers, rose by 4.1 %.

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