Construction costs up 20% on year in Latvia

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Data published on September 27 by the Central Statistical Bureau show that in August 2022, compared to August 2021, the level of construction costs in Latvia increased by 20.5 %. 

Prices of building materials rose by 26.9 %, maintenance and operational costs of machinery and equipment – by 18.1 %, but labor remuneration of workers – increased by 10.0 %.

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In August 2022, compared to July, the level of construction costs rose by 0.3 %. Maintenance and operational costs of machinery and equipment rose by 0.5 %, prices of building materials as well as labour remuneration of workers increased by 0.3 %.

In August, the average level of construction costs was mostly affected by an increase in prices of metal structures and small metal products.

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