Construction costs up 20% on year in Latvia

Data published on October 27 by the Central Statistical Bureau show that in September 2022, compared to September 2021, the level of construction costs in Latvia increased by 20.2%.

 Prices of building materials rose by 26.6%, maintenance and operational costs of machinery and equipment – by 17.6%, but labour remuneration of workers – increased by 9.8%.

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In September 2022, compared to August, the level of construction costs rose by 0.5 %. Maintenance and operational costs of machinery and equipment rose by 0.6 %, and labour remuneration of workers – by 0.5 %, but prices of building materials increased by 0.4 %.

In September, the average level of construction costs was mostly affected by an increase in prices of asphalt concrete and dolomite breakstone, as well as growth of maintenance and operational costs of machinery and equipment of dumpers, cranes and excavators.

In the 3rd quarter of 2022, compared to the 3rd quarter of 2021, the overall level of construction costs rose by 20.7 %. Prices of building materials went up by 27.2 %, maintenance and operational costs of machinery and equipment – by 18.1 %, but labour remuneration of workers – increased by 10.1 %.

In the 3rd quarter of 2022, compared to the 2nd quarter, the overall level of construction costs rose by 3.0 %. Prices of building materials grew by 3.5 %, and labour remuneration of workers – by 2.5 %, but maintenance and operational costs of machinery and equipment rose by 2.4 %.

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