Construction costs up by 10% on year in Latvia

Data published October 27 by the Central Statistical Bureau (CSB) show that, compared to August, in September 2021 the level of construction costs in Latvia grew by 0.7%, and compared to September 2020 - by 10%.

 Maintenance and operational costs of machinery and equipment increased by 1.0%, labour remuneration of workers – by 0.7%, but prices of building materials rose by 0.6%.

In September, the average level of construction costs was mostly affected by an increase in prices of sand, as well as growth of maintenance and operational costs of machinery and equipment of excavators.

Compared to September 2020, construction costs rose by 10.0%. Prices of building materials rose by 14.3%, maintenance and operational costs of machinery and equipment – by 6.2%, but labour remuneration of workers – increased by 5.0 %.

Compared to the 2nd quarter, in the 3rd quarter of 2021 the overall level of construction costs rose by 4.2 %. Prices of building materials rose by 6.2 %, maintenance and operational costs of machinery and equipment – by 2.1 %, but labour remuneration of workers – increased by 1.7 %.

In the 3rd quarter of 2021, compared to the 3rd quarter of 2020, the overall level of construction costs rose by 9.0 %. Prices of building materials rose by 13.0 %, maintenance and operational costs of machinery and equipment – by 5.2 %, but labour remuneration of workers – increased by 4.4 %.

Information on changes of construction costs in October 2021 will be published on 26 November.

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