Construction costs up 20% on year in Latvia

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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