Construction costs tick up in August

Compared to July, in August 2017 the level of construction costs in Latvia grew by 0.1 %, data reelased by the Central Statistical Bureau (CSB) said September 27.

Maintenance and operational costs of machinery and equipment rose by 0.4%, labor remuneration of workers decreased by 0.1 %, and prices of building materials did not change significantly.

Compared to August 2016, construction costs increased by 2.3 %. Labor remuneration of workers grew by 4.3 %, prices of building materials increased by 2.1 %, while maintenance and operational costs of machinery and equipment rose by 1.0 %.

In August, the average level of construction costs was mostly affected by an increase in the maintenance and operational costs of machinery and equipment on excavators and tower cranes, the CSB said.

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